How do I control the quality and the costs of my KYC?

Due to increasing regulations and supervision, controlling the quality and costs of your KYC, without crippling your commercial operations, is an ever-increasing challenge. Therefore, why not outsource your KYC Analysis activities to the specialists at BlueMonks!

In recent years, every organisation that falls within the scope of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) or the Act on the Supervision of Trust Offices (WTT) is expected to perform an ever more intensive Gatekeeping role. Not an easy task. After you have established your ‘Risk Appetite’ within your own organisation, and performed a Systematic Integrity Risk Analysis (SIRA), determined the mitigating measures, and implemented these in policies and procedures, the real operational analysis work will start.

Every customer file has to be analysed and updated, to clarify who owns the account, where the account funding comes from and what the account is used for in line with the Know Your Customer (KYC) principle. Everything to prevent your organisation from facilitating money laundering and/or terrorism financing.   In that respect, a lot is asked of you. The legislator expects you to play an important role as guardian of the integrity of the financial system. Although this is very important, we are convinced that this has never been the primary reason for the creation of your organisation. That is why BlueMonks has given thought to how we can support you in the best possible way with all your Customer Due Diligence (CDD) activities. And ensure that you are compliant with national and international legislation, including Wwft, the Sanctions Act (SW) and WTT.

If so, we would love to exchange ideas with you about taking over your KYC activities and completely unburdening you.

In order to provide solid solutions for all challenges presented by AML (Anti Money Laundering), BlueMonks has set up the Managed Service ‘CDD as a Service’ (CaaS). Our team of analysts are available for your KYC analysis work. Our analysts enjoy the challenge of carrying out work for different gatekeepers in various sectors, such as Trust Offices, Crypto Exchanges,  Investment firms and Banks. You can benefit from the scale of our team, without having to set up everything within your own organisation. But BlueMonks goes further still. We help you to keep your policies and procedures up to date, ensuring you are always compliant with applicable legislation, including the Wwt, Sanctiewet and/or WTT. We can provide an annual update of your SIRA, plus we can take responsibility for your periodic reviews of your KYC files.

Of course, the following aspects form a standard part of our activities:

This service gives you direct access to our team of KYC experts. They do not have to learn the trade within your workplace. We invest a large amount of time in optimising our analysts’ written work. Our quality framework ensures quality assurance. Our efficient working method means that the onboarding period of your customers does not depend on the availability of analysts. If you wish, we can update your policies and procedures in the event of each regulatory change, ensuring you are always Wwft/WTT compliant.

Despite the fact that transaction monitoring largely comes down to having a good software application responsible for this monitoring, this work cannot be performed without the input of analysts. If suspicious transactions are detected by your system, additional investigations must take place to determine whether the transactions found must actually be reported to the Financial Intelligence Unit (FIU) of the Netherlands.   To relieve you of the analysis work, we have developed AfuS (AML follow-up Service). Our transaction monitoring analysts set to work on the suspicious transactions you have identified and, within specified time limits (and, of course, in compliance with the Wwft), they define which transactions must be reported to the FIU.

Despite the fact that the term KYC is generally used colloquially for the CDD (Customer Due Diligence) process, the analysis work can differ significantly from case to case. For example, where the Trust Sector very clearly has a lot to do with the WTT, and TAX is a very important part of the KYC as a whole, in the retail banking sector, the KYC is generally much simpler because many customers have just one or two sources of income and their expenditure behaviour is also very similar.

A number of specialisms exist within the BlueMonks analysts team.

BlueMonks is also your perfect partner for KYC analysis work in the aforementioned fields.

At BlueMonks we play it safe. We advocate quality and want to be able to deliver that too. That is why we focus on thorough preparation. First, along with you, we identify your needs in order to be able to present a good proposal. We then, for example, take a look at your SIRA, your CDD policy and descriptions of your procedures and some examples of existing customer files. We are flexible in the way in which we access this information. We can view these documents at your office, or the data can be encrypted and securely uploaded to our portal. Following the information phase, we prepare a solid action plan that we fine-tune together. As soon as we have decided on a practicable solution, we often first arrange a trial period, with a small number of files, to test the process and demonstrate that we can actually deliver the required quality. We aim for a lasting long-term relationship and, for us, it is important that we can actually meet expectations so that there are no unexpected surprises for either party.

BlueMonks was established to help you with all the challenges and aspects described above. In addition to our managed services, we can also assist you with your KYC Operating Model. With executing a sound SIRA. We can also provide training for your KYC analysts.

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