Recently in the span of 24 hours, the FIAU has fined a record €733,160 to a Gaming company and a €1.2 million fine to an Investment Firm for failing to comply
with the regulations and for inadequate findings during their compliance reviews. In this article we discuss some of the reasons these fines were given and how KYC Portal can help you stay in line. Having everything centrally managed
so that you can serve the various regulations and requirements from a risk perspective, is a key requirement in order to remain compliant.
We all know that one of the biggest challenges
in this industry is the ability to identify the uniqueness of human beings, therefore having the lack of a Single Customer View (SCV) within your database. This is especially important to have, in the vast gaming industry. KYC Portal gives gaming companies the ability to link player profiles
across all their brands operating under the same license in effect, giving them a Single Customer View across their database, whilst also being able to flag in real-time, when a player is suddenly high risk.
The effective management of data and documents within any organization has grown in importance in recent years as they are subject to an increasing number of compliance regulations, large increases in information storage capacity, and the sheer amount of data and documents being generated by organisations. Having a centralised system
in place that helps monitor the data collection activity and flags you when needed, is of utmost importance. The document management module
in KYCP allows you to centralise all documentation on any entity within KYC Portal itself, whilst the many embedded customer outreach tools ensure that you collect all the necessary documents needed during the on-boarding process whilst their risk is being calculated in real-time. KYC Portal also allows the agent/user to be able to mark the authenticity of a document with a manual toggle, or else automate the document verification process through API integration with a third-party provider of choice.
Whether operating in a regulated market or not, organisations nowadays are constantly trying to minimise risk when on-boarding customers be it individuals, suppliers, operators, affiliates or any other business relationship. In the absence of an automated system like KYC Portal, you are risking being fined for failing to know the actual risk exposure
your company is facing. The perception of risk changes drastically on so many factors, based on the industry that you are in, based on the regulatory framework that you operate from and also on the regulatory framework of the jurisdiction where the service is being provided, to market happenings, internal policy and many other endless aspects. KYC Portal’s configuration engine
allows the organisation to be able to tweak and adapt the entire regulatory process at service level in real-time. Whenever a change or new adaption of risk interpretation is applied, the system will instantly re-assess all the subjects in the database, re-calculate the risk and alert the compliance team should the subject have moved across the brackets of the risk-based approach.
The task of checking whether a subject has any potential matches on PEP lists, Sanction lists or any related Adverse Media is such a tiny step in the whole process of due diligence, yet it is one of the most costly. Failing to verify that a subject is a PEP and therefore performing Enhanced Due Diligence, or having no evidence that a search was actually done, will most probably lead to a fine. By integrating KYC Portal
with your preferred screening service provider, you are able to run manual searches on subjects and see the results in real-time. The data is all presented to the user within KYCP, allowing your team to set decisions (with comments) on false positives. All of these actions, including what was searched, what data was used for the search, the user and timestamp are added to the audit of each subject in the system itself. This is a very important feature for regulatory processes in which such audits become a necessity. KYC Portal also allows you to hook up the ongoing monitoring on a regular basis on the subjects of choice, and the system will notify your team should something crop up that needs to be looked at. KYCP also allows you to set an automatic search
. This search will be audited as part of the application and is done as a background process, eliminating the need to have to rely on the human resource to remember to conduct the search and also eliminating all the wasted time waiting for results and then audit the fact that there were no matches. If there is a match that needs to be looked at by your team then a notification is raised accordingly.
These are only just a few of the powerful features within KYC Portal. Having a system like KYCP in place allows you to automate processes and internal workflows on what should happen with an application, when something is flagged. From escalation processes to increased risk, request for additional documentation and also calling internal systems for specific actions to happen. Protect yourself and your organisation, remain compliant and up to date with all regulation changes.
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