Aml-kyc
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Paystar Remittance Suite Anti-Money Laundering Know-Your-Customer
Introduction Financial Services Organizations risk heavy monetary fines and other punitive action for non-compliance with regulatory requirements that are aimed at detecting and deterring financial crime. Translink has developed our solution the Paystar Remittance Suite to deliver a wall of protection focused on Anti-Money Laundering (AML). Almost every country in the world has issued legislation and or regulatory requirements that impose minimum standards on organizations in the financial services industry demanding that appropriate steps be put in place to both detect and deter financial crime, specifically money laundering and terrorist financing. Organizations can rest assured that Translink has taken the appropriate steps to develop these requirements into our solutions and that we are continually investing in tightening the security and reporting capabilities of our solution.
www.translink-co.com
Anti-Money Laundering Historical events have precipitated a change in the way governments and industry regulators treat money laundering and suspicious financial activity. Financial institutions are the primary target for tightening requirements to deter such criminal activities. Organizations who fail to meet these compliance requirements are facing tough penalties including hefty fines, and cease and desist orders.
Our Anti-Money Laundering Process Basics Our process has a number of basic steps; 1. An anti-money laundering program which includes; policies and procedures, a compliance officer, training and education for employees, and an internal audit process to ensure program effectiveness. 2. Implementation of a customer identification program that verifies the identity of our customers using reliable source documents and data, identifying the beneficial owner and creates a business and risk profile associated with that individual. Customer identities are checked against OFAC, sanction lists and watch lists, which can be integrated with a financial institution’s policies. 3. Monitoring activity, restricting transactions, and identifying suspicious transactions that are outside the risk profile parameters either set by legislation, in accordance to Central Bank or within the institutions own risk assessment policies. 4. Reporting suspicious transactions to the appropriate Central Banks involved in the transaction process to provide intelligence for the investigation into the details surrounding the transaction, and document the resolution for potential action. 5. Provide to the financial institution any documentary and non-documentary evidence upon request to determine customer identification information and suspicious transaction details.
www.translink-co.com
Using Our AML Technology to Reduce Costs and Improve Efficiencies Translink has invested a great deal of time in implementing AML services for our client financial institutions. Our solution gives an organization an opportunity to reduce manual and redundant tasks, and improve compliance. By providing the right tools an organization can stream-line the capture, storage and retrieval of customer identification content and transaction data. The following AML functions reside in and are set as processes within the solution: 1) Each customer is issued a card or an account according to the requirements of their Central Bank(s) and all Know-Your-Customer (KYC) documentation is available to the bank for review and audit (see attached – application form) for ten (10) years. The system can deliver the appropriate documentation for each issuance to the bank upon request. 2) Only registered customers of the system can receive and send funds to and from each other creating a known closed-loop. Thus, giving the bank audit capabilities on every transaction originated and received by our customers. Remitters cannot send funds to beneficiaries outside the system without proper registration and KYC documentation upon issuance of a card or an account. 3) The system can restrict and/or report on the issuance of a card or an account based on OFAC, sanction lists and/or watch lists. 4) The system by default restricts the issuance of more than one card or an account to the same recipient based on the following parameters: a. Name b. Passport/National ID c. Address d. By the end of the 2nd Qtr. 2009 biometrics technology will be available (as an option to our clients) to verify, identify and securely restrict the system from issuing multiple cards and/or accounts. i. During sign up our biometrics technology records the fingerprint of the applicant and uses this information for matching to potential multiple issuances. ii. From this data we will introduce a new security layered payment, ATM and authentication system based on the data captured during this process.
www.translink-co.com
5) Velocity – the system restricts in real-time the capability of a single remitter to send more than a specified amount designated by the Central Bank or an amount that we designate that falls under these guidelines in one (1) day and over a rolling thirty (30) day period. The remitter cannot send more than the Velocity limited amounts even if the transactions are made to multiple beneficiaries. 6) The system restricts overage of loading funds set by the guidelines of the Central Bank and restricts the sending of funds (Velocity) by the guidelines of both the sending Central Bank and the receiving Central Bank. The system checks the balance of the card before each transaction. When sending funds the system makes sure that the funds are available, and when receiving funds it verifies that the card will not exceed its maximum balance. 7) The system is fully capable of implementing any other AML requirements set by the Organization, but Translink would like to clarify these two points: a. The remitters information is verified via the following methods: i. Before a transaction is sent or processed the remitter is required to verify his/her PIN through a secure method, this PIN can be verified against the CMS or verified against the virtual (secondary) PIN issued by the system. This applies to a mobile, online, IVR and a live customer service originated transaction. Mobile and landline numbers are registered to a specific account holder and transactions from that device are verified against the PIN and customer identification information. ii. Upon request from the Organization, the system is capable of passing back the confirmation receipt of the delivery of funds to the correct beneficiary from the receiving bank. As such this confirmation is a guarantee from the receiving bank and part of the audit trail.
www.translink-co.com
Conclusion The Paystar Remittance Suite provides the appropriate support for all AntiMoney Laundering compliance, with a set of processes and technology. Translink recognizes the adverse impact of money laundering and terrorist financing could have on your organization. Financial crime not only negatively reflects on individuals, the institution, and the commercial sector, but on national and international economic systems as a whole. Naturally, financial institutions are the primary target for tightening the requirements to deter and detect financial crime, including fraud, computer crime, identity theft, money laundering, and terrorist financing. Organizations face a number of risk factors associated with these illegal activities including hard costs such as financial loss, and soft costs associated with reputation and customer attrition. The Paystar Remittance Suite supports Anti-Money Laundering compliance and will work with you to minimize those risks while reducing the overall costs of BSA/AML compliance.
www.translink-co.com
Introduction Financial Services Organizations risk heavy monetary fines and other punitive action for non-compliance with regulatory requirements that are aimed at detecting and deterring financial crime. Translink has developed our solution the Paystar Remittance Suite to deliver a wall of protection focused on Anti-Money Laundering (AML). Almost every country in the world has issued legislation and or regulatory requirements that impose minimum standards on organizations in the financial services industry demanding that appropriate steps be put in place to both detect and deter financial crime, specifically money laundering and terrorist financing. Organizations can rest assured that Translink has taken the appropriate steps to develop these requirements into our solutions and that we are continually investing in tightening the security and reporting capabilities of our solution.
www.translink-co.com
Anti-Money Laundering Historical events have precipitated a change in the way governments and industry regulators treat money laundering and suspicious financial activity. Financial institutions are the primary target for tightening requirements to deter such criminal activities. Organizations who fail to meet these compliance requirements are facing tough penalties including hefty fines, and cease and desist orders.
Our Anti-Money Laundering Process Basics Our process has a number of basic steps; 1. An anti-money laundering program which includes; policies and procedures, a compliance officer, training and education for employees, and an internal audit process to ensure program effectiveness. 2. Implementation of a customer identification program that verifies the identity of our customers using reliable source documents and data, identifying the beneficial owner and creates a business and risk profile associated with that individual. Customer identities are checked against OFAC, sanction lists and watch lists, which can be integrated with a financial institution’s policies. 3. Monitoring activity, restricting transactions, and identifying suspicious transactions that are outside the risk profile parameters either set by legislation, in accordance to Central Bank or within the institutions own risk assessment policies. 4. Reporting suspicious transactions to the appropriate Central Banks involved in the transaction process to provide intelligence for the investigation into the details surrounding the transaction, and document the resolution for potential action. 5. Provide to the financial institution any documentary and non-documentary evidence upon request to determine customer identification information and suspicious transaction details.
www.translink-co.com
Using Our AML Technology to Reduce Costs and Improve Efficiencies Translink has invested a great deal of time in implementing AML services for our client financial institutions. Our solution gives an organization an opportunity to reduce manual and redundant tasks, and improve compliance. By providing the right tools an organization can stream-line the capture, storage and retrieval of customer identification content and transaction data. The following AML functions reside in and are set as processes within the solution: 1) Each customer is issued a card or an account according to the requirements of their Central Bank(s) and all Know-Your-Customer (KYC) documentation is available to the bank for review and audit (see attached – application form) for ten (10) years. The system can deliver the appropriate documentation for each issuance to the bank upon request. 2) Only registered customers of the system can receive and send funds to and from each other creating a known closed-loop. Thus, giving the bank audit capabilities on every transaction originated and received by our customers. Remitters cannot send funds to beneficiaries outside the system without proper registration and KYC documentation upon issuance of a card or an account. 3) The system can restrict and/or report on the issuance of a card or an account based on OFAC, sanction lists and/or watch lists. 4) The system by default restricts the issuance of more than one card or an account to the same recipient based on the following parameters: a. Name b. Passport/National ID c. Address d. By the end of the 2nd Qtr. 2009 biometrics technology will be available (as an option to our clients) to verify, identify and securely restrict the system from issuing multiple cards and/or accounts. i. During sign up our biometrics technology records the fingerprint of the applicant and uses this information for matching to potential multiple issuances. ii. From this data we will introduce a new security layered payment, ATM and authentication system based on the data captured during this process.
www.translink-co.com
5) Velocity – the system restricts in real-time the capability of a single remitter to send more than a specified amount designated by the Central Bank or an amount that we designate that falls under these guidelines in one (1) day and over a rolling thirty (30) day period. The remitter cannot send more than the Velocity limited amounts even if the transactions are made to multiple beneficiaries. 6) The system restricts overage of loading funds set by the guidelines of the Central Bank and restricts the sending of funds (Velocity) by the guidelines of both the sending Central Bank and the receiving Central Bank. The system checks the balance of the card before each transaction. When sending funds the system makes sure that the funds are available, and when receiving funds it verifies that the card will not exceed its maximum balance. 7) The system is fully capable of implementing any other AML requirements set by the Organization, but Translink would like to clarify these two points: a. The remitters information is verified via the following methods: i. Before a transaction is sent or processed the remitter is required to verify his/her PIN through a secure method, this PIN can be verified against the CMS or verified against the virtual (secondary) PIN issued by the system. This applies to a mobile, online, IVR and a live customer service originated transaction. Mobile and landline numbers are registered to a specific account holder and transactions from that device are verified against the PIN and customer identification information. ii. Upon request from the Organization, the system is capable of passing back the confirmation receipt of the delivery of funds to the correct beneficiary from the receiving bank. As such this confirmation is a guarantee from the receiving bank and part of the audit trail.
www.translink-co.com
Conclusion The Paystar Remittance Suite provides the appropriate support for all AntiMoney Laundering compliance, with a set of processes and technology. Translink recognizes the adverse impact of money laundering and terrorist financing could have on your organization. Financial crime not only negatively reflects on individuals, the institution, and the commercial sector, but on national and international economic systems as a whole. Naturally, financial institutions are the primary target for tightening the requirements to deter and detect financial crime, including fraud, computer crime, identity theft, money laundering, and terrorist financing. Organizations face a number of risk factors associated with these illegal activities including hard costs such as financial loss, and soft costs associated with reputation and customer attrition. The Paystar Remittance Suite supports Anti-Money Laundering compliance and will work with you to minimize those risks while reducing the overall costs of BSA/AML compliance.
www.translink-co.com
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