AML/CTF COMPLIANT

The legislation requires the execution of client research and where high risks exist for financial products such as politically exposed persons (PEP), additional measures should be taken. Transactions that may be related to money laundering or terrorist financing need to be reported.

Risk based approach

The anti-money laundering and counter-terrorist legislation dictates what the outcome should be achieved, but gives no description about "how" this is to be achieved. The interpretation for each financial institution depends on the industry, product and customer type you are operating. The law allows the differentiation of customer research, attuned to the risk. This risk and internal policies determine the differentiation. For financial institutions that work with intermediaries, explicit attention should be given.

Friss supports the whole process

Friss allows screening based on risk categories of customers to perform real-time or batch. These checks are periodic or event-driven for example based on transactions (new product) or changes in customer circumstances (other risk). All checks are recorded including the actions to follow up, filing (meeting reports, notes) and decisionmaking concern relationship. This creates a clear audit trail of completed screenings and follow up.

What resources are linked?

The following external sources are included by default in AML/CTF screening of clients: PEP List (Friss provides multiple suppliers PEP lists), OFAC (Office of Foreign Assets Control), EU Sanctions List or the Freeze List, SDN (Specially Designated Nationals) and NCCT (Non-cooperative Countries and Territories). It is also possible to add your internal incident register and additional external data sources as Chamber of Commerce (UBO), FISH, Credit Check, Central Insolvency Register, Bankruptcies Register, Cendris Streetlife, ID check, Land Registry (collateral), AFM register , Distance, Telephone verification, address verification, etc.