The Financial Intelligence Analysis Unit (“FIAU”) has recently issued an update
to its Implementing Procedures, where additional requirements and directions on internal and external reporting procedures that subject persons are to have in place, so as to ensure that any suspected or known instance of money laundering or funding of terrorism (“ML/FT”) is reported to the FIAU within the timeframes set out below.
“Internal reports are to be filed with the MLRO not later than the next working day from when a subject person’s employee becomes aware of any information or matter that is considered by the said employee to give rise to knowledge or suspicion of ML/T. This timeframe is to be adhered to, independently of whether the employee in question is to consult with any superiors or otherwise.”
“STRs are to be submitted to the FIAU on the same day on which the MLRO determines that the information or matter set out in the internal report actually gives rise to knowledge or suspicion of ML/FT.”
The KYC Portal reporting module
gives you a real-time dashboard view
of your current situation by presenting you with a pre-defined sub-set of data sitting within your KYCP, whilst also allowing you to create reports from a corporate compliance aspect for internal and regulation purposes. This level of detailed reporting allows you to prepare all the information that you need for all regulatory requirements, in just a few minutes. Since KYC Portal is fully dynamic
by allowing you to create your own fields, your own statuses, your own entities etc…, the reporting module is just as dynamic. Therefore, it gives you the ability to easily create a report when your risk exposure increases due to a subject being flagged as suspicious.
“MLROs are required to consider internal reports with the utmost urgency and without unreasonable delay.”
Once you set a report to run in KYCP, the system will show you the schedule when they are due to run as well as the historical element of the extracted data so you would then be able to view the CSV’s and download any of the generated CSV extracts over time. Having this kind of flexibility and control is very important from a reporting perspective since it will allow you to tailor any data extract on a historical basis (daily, weekly or monthly). Such extracts will be able to provide you with the data you need to comply with the FIAU regulations.
Nowadays the regulatory environment is constantly evolving, the compliance target is always moving. You might find that, just when you’ve achieved full compliance, something shifts and you’ve got to tweak your approach to stay compliant. Your business needs to be able to adapt; otherwise, you put your business at risk.
With KYC Portal in place, you are safeguarded, giving you complete control to tweak and adapt to any changes, easily and effectively.
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