Digital Finance meets Digital Compliance

Mitchell
MitchellOctober 10, 2019

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digital finance meets digital compliance

Be a hero and fight financial crime, digitally

As finance continues to proliferate digitally, so should the governance and compliance systems surrounding it. Regulation has a tendency to follow the trend rather than set it, and this has certainly been the case for many emerging digital financial sectors such as Fintech and Apps, Digital Currency Exchanges and Neobanks. bronID is an end to end AML/CTF online compliance toolkit built to help emerging digital financial sectors remain compliant with evolving regulation.

bronID provides online, digitally interoperable AML/CTF tools that help financial services and compliance officers navigate the complexities of anti-money laundering and counter-terrorism financing (AML/CTF) regulation globally.

With more regulatory changes aimed at the digital economy coming into force, it is essential your data systems are up to date to respond to these changes and achieve industry best-practice.

Performing AML/CTF Obligations Digitally

In a Mckinsey report, four key initiatives are outlined as necessary upgrades to existing AML/CTF compliance systems in order to keep up with the fight against financial crime. These initiatives are within the fields of analytics and information technology with a focus on digital transformation.

  1. Develop a truly end-to-end view of an optimized, tech-enabled KYC and AML process, starting with new standards for customer-data intake to customer identification to risk-based due diligence to monitoring.
  2. Define a strategy for data quality and aggregation, including linking KYC and AML data closer together.
  3. Fold simple analytical approaches like micro-segmentation into current systems and model validation processes.
  4. Implement a set of metrics and practices to measure the effectiveness of the KYC/AML processes and assess the impact of operational and system improvements.

Advantages of performing your AML/CTF compliance obligations digitally:

  • Pay as you go electronic KYC/KYB verification
  • Automated Reporting. Generate and send suspicious matter reports online using easy to access data.
  • Record-Keeping systems with built-in digital audit trails to support the work of the regulator and managerial oversight.
  • Online cloud-based secure data storage and APIs to improve data hygiene and interoperability with online services.
  • Compliance systems which are maintained and updated to respond to any regulatory changes regularly. Review your AML/CTF Program
  • AML/CTF toolkit of digital compliance tools and procedures.
  • Robust data aggregation systems and advanced analytics
  • AML/CTF Control bank which can be assessed for effectiveness using the data gathered directly
  • Online and re-usable AML/CTF Risk Assessment tool.
From face to face and spreadsheets to online databases, it’s now time to comply and keep your records online.

Upgrade your compliance systems to be digitally compatible with the digital economy, reduce your cost of operations and respond to regulatory changes easily. As you build and grow your customer base, so will the digital audit trail of your procedures and results in the portal. Keeping track of your compliance becomes easy when it is all in the same place and accessible online. The bronID portal is a user-friendly end-to-end toolkit built to help you achieve all of your AML/CTF compliance obligations collectively.

Using and storing customer compliance data digitally can reduce your costs of operations as well as prepare you any future audits and changes in legislation. By using an end to end AML/CTF compliance portal, risk controls and tools optimised digitally you can be a hero and fight financial crime effectively in the information era.

For more information on how you can utilise bronID to achieve specific industry best practice when complying with your AML/CTF obligations see:

It is easy to get started with bronID

Sign up to the portal today!

Build your AML/CTF Toolkit, perform a risk assessment, generate an AML/CTF program and perform the necessary KYC checks all in the one place.

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Mitchell
Written by

Mitchell

A catalyst for transforming legislation and governance into easy to use software. The personified pen of bronID.

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