How to set up KYC & Transaction Monitoring automated and cost effective?
Your Trust was looking for a combined KYC and transaction monitoring solution that would replace less efficient manual processes and ensure that they were compliant with the increasing regulation and supervision facing the trust sector. ComplianceWise was able to deliver exactly what was required via their ComplianceWise 360° package. Your Trust are now enjoying the benefits of a system which puts them in control of their AML processes, delivers efficiencies and ensures complete compliance.
Who is Your Trust?
Your Trust is a young, dynamic trust office that offers high quality and personal solutions for the management, business location and corporate secretarial services for Dutch companies. We spoke to Your Trust’s CEO Rick van Dijk, a former tax lawyer with more than 15 years of international tax and trust experience.
Like all those operating under increasing AML regulations, Your Trust were facing a number of challenges
All client on-boarding and transaction monitoring procedures involved different non-aggregated systems, using variously Excel or Word and with heavy reliance on manual processes. This gave rise to inefficiencies and increased the risk of human error, and a complete oversight was difficult.
In addition, the DNB (Dutch Regulator) has repeatedly communicated that transaction monitoring is priority number one for the trust sector. Your Trust is always searching for optimisation and wanted an integrated solution, with client acceptance, client monitoring and transaction monitoring covered in one system. According to Rick, a new system should result in:
- Cost effective: Compliance costs have increased enormously the last few years and they will probably increase even further in future. Therefore we needed a solution that would be cost effective in order to keep Your Trust competitive.
- Data driven decisions: In the current world, accurate data is key. Your Trust realised that information not only needs to be correct but should also be accessible as quickly as possible, which means real time monitoring. Take for example a situation such as the ‘Panama Papers’ being in the news. We would want to have confirmation that none of our UBO’s are are located in Panama, as well as we haven’t done transactions with parties in Panama, on the same day.
Finding the right solution
Rick van Dijk was curious about ComplianceWise after hearing about our offering and decided to invite us, along with a few of our competitors, to present a possible solution. According to Rick,
“ComplianceWise offered a truly integrated system, nobody else was really able to do that. At least not in the same way ComplianceWise could.”
We implemented our integrated client acceptance and transaction monitoring solutions – ComplianceWise360° for trust and ComplianceWise360° Transaction Monitor – for Your Trust. We were also on hand to make sure that the required data integration went smoothly.
“Integration of data is always a burden, and we’re a small organization so it takes a lot of man power. But ComplianceWise came up with some good solutions that made life easier during this process.”
And the result?
On the client acceptance (KYC) side, Your Trust is up and running with ComplianceWise360° for trust, with the benefits very clear to Rick,
“With ComplianceWise, information is logged and visible as soon as it’s uploaded to the system. The ability to assign roles and responsibilities at different levels means that all the checks and balances that need to be done are already integrated into the system, and that the whole thing is easily auditable. We have real time overview regarding all relevant data. From a governance and compliance perspective this brings us in control, making it easy to comply with the regulator’s wishes.”
The ComplianceWise360° Transaction Monitor has also been fully rolled out and the above-mentioned goals have been met. As Rick explains,
“In the old days – or even still these days, post transaction monitoring meant manual checks against banks statements and print outs from electronic banking systems. But with ComplianceWise we can simply download statements or insert MT940 formats and automatically they’re mirrored to the individual transaction profiles. Which is exactly what DNB advised in their published. “Transaction Monitoring guidelines.” Based on that we get alerts if the counterparty or transaction amount doesn’t match. These alerts are then further investigated by our responsible account managers.In short, using ComplianceWise saves a lot of time. The process is automatic and therefore more efficient. We have real time insight in all relevant data and are more in control of our risks. In addition, we have an automated interface with our Sanction screening software.”
With ComplianceWise you become easily compliant, effective in control, and excellent in strategic management. We help you to control risk, save money, and improve performance by using our IT application; ComplianceWise360˚.