By fostering transparency in financial operations today, a business can build trust with its clients, regulators, and the wider community for the future.
Transparancy today – trust tomorrow
IQON streamlines risk assessments for client accounts, keeping your information current and notifying you when action is needed, saving you time on data collection so you can prioritize your core business.
IQON offers an all-in-one solution for managing and enhancing your AML processes. With IQON, you gain access to an automated AML and KYC engine that monitors client roles, ownership, and critical data. It streamlines customer due diligence and screening, all within a single platform, making day-to-day compliance smarter and more accessible.
Automating Anti-Money Laundering (AML) work offers substantial advantages, with a primary focus on time savings and the enhanced quality of ongoing monitoring of associated persons.
Time is a precious resource, and AML professionals can reclaim it through automation. Tasks such as data collection, verification, and transaction monitoring, which used to be manual and time-consuming, can now be streamlined. This automation not only accelerates the process but also ensures consistency and accuracy in compliance efforts.
One of the key benefits of automation lies in the quality of ongoing monitoring of associated persons, including clients and employees. Automated systems can instantly flag suspicious activities and discrepancies, allowing for prompt investigation and action. This real-time monitoring strengthens AML compliance by reducing the risk of oversight and ensuring that potential threats are identified and addressed promptly.
Moreover, automation can adapt to changing regulations and risk profiles, ensuring that compliance efforts remain up-to-date and effective. This flexibility is crucial in the constantly evolving landscape of AML regulations.
In summary, automating AML work empowers professionals to allocate their time more efficiently, while simultaneously enhancing the quality of ongoing monitoring of associated persons. This combination of time savings and improved effectiveness is a compelling reason for organizations to embrace AML automation as an essential tool in their compliance arsenal.
Frequently asked questions
Does my company have to comply with KYC/AML Laws?
According to the Anti-Money Laundering Act, the following companies and individuals are considered obligated entities:
1. Legal entities (companies):
- Banks, credit institutions, and financing companies.
- Norges Bank.
- E-money institutions and currency exchange businesses.
- Payment institutions and others authorized to provide payment services.
- Investment firms, management companies for securities funds, and central securities depositories.
- Insurance companies and firms engaged in insurance mediation (excluding reinsurance brokerage).
- Custodian institutions and managers of alternative investment funds.
- Financial brokerage firms.
- Providers of business services and gaming services.
2. Individuals (in the exercise of their profession):
- Chartered and registered auditors, approved auditing firms, and auditors for municipal enterprises.
- Chartered accountants and accounting firms.
- Lawyers and others who professionally or regularly provide independent legal assistance when conducting certain transactions or assisting in the planning of transactions for clients.
- Real estate agents and real estate brokerage firms.
- Persons with limited authorization to provide payment services.
- Providers of business services and gaming services.
These entities are obligated to prevent and detect money laundering and terrorist financing through various measures such as customer identification, ongoing monitoring, and reporting of suspicious activities.
What kind of information do I need to collect for the KYC processes?
For a proper Know Your Customer (KYC) process, financial institutions and other businesses typically collect a range of information to verify the identity of their clients, owners and people with influence over business activities, such as management and board of directors, and assess the associated risks. The exact requirements may vary based on type of the jurisdiction and the nature of the business.
Can I comply with AML laws using IQON?
In summary, a comprehensive AML system is essential not just for meeting legal obligations, but also for protecting the business from financial crime risks, maintaining trust and integrity, ensuring operational efficiency, and fulfilling social responsibility. The ability to effectively screen and monitor clients against known PEPs and sanctions lists is a critical component of such a system, safeguarding the business and contributing to the global fight against money laundering and terrorism financing.
What are your sources for sanctions lists?
In unstable times like these, more and more sanction lists are added to the global KYC, AML and CTF regulatory landscape. We are here to give you access to the available sanction lists on a global scale covering all regions of the world. IQON cooperate with Dilisense and we will provide you with a unique data format and updates every 30 minutes, so that you don't miss a change of the sanction content. Oh and yes, to your question: There are more than 70 international and domestic sources. Download full list
