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How technology can enforce AML workstreams

Conducting a thorough client due diligence (CDD) is a skill every relationship manager or other front office employee should have. A typical investigation into a potential suspicious transaction will begin with CDD. Every firm must have a robust CDD framework during the onboarding of a new client in order to establish a business relation. Upon completion of CDD, the client may be given a risk rating in accordance with the risk he or she may present to the firm. This risk-based approach can only work if the collected data, upon which the risk decision has been taken, are accurate and complete.

Verification of the data collection

In order to verify, the relationship manager or front-office needs to make sure that all needed data is present. A digital workstream can help: a warning message indicates certain entry fields are missing, an out-dated ID card results in a pop-up indication, missing by-laws can be easily added from an external source, …
And technology can provide you also ‘show-stoppers’ like a hit on a geographical sanction list. One thing the second line of defence can be sure of: the data of the digital client onboarding dossier is accurate and complete, including a full audit trail and reporting functionality. Even if second line needs additional information in order to make a risk profile, the platform sends the request to the relationship manager, all recorded, tracked and logged.
Harmoney implements your client acceptance procedures, for front- and back-office. So, no data is missing and certainly no data asked twice!