The primary conclusion of a Financial Conduct Authority (FCA) report in July 2013 (Thematic Review: Banks’ control of financial crime risks in trade finance) was that:
“…the majority of banks in our sample, including a number of major UK banks, are not taking adequate measures to mitigate the risk of money laundering and terrorist financing in their trade finance business.”
Whilst that statement makes it clear that money laundering remains a problem for some banks to address, the fact is, all businesses using bank financing facilities to trade are just as liable to comply with Anti-Money Laundering (AML) and Sanctions regulations as the banks themselves. Which means pretty much every trading organisation, however large or small.
The penalties for non-compliance are ever-increasing in their severity, both fines and prison sentences, so getting it right must be a priority. Know Your Client – KYC – should mean exactly that. Know them, really, not just their names and addresses. Getting KYC right can be a complex and difficult challenge for businesses of all sizes. KYCmonitor from corfinancial helps you meet that challenge with confidence, across all lines of your business.
KYC monitor is a sophisticated case management system that enables your organisation to:
From the initial account opening onwards, your KYCmonitor system works to minimise the risk of overlooking transactions that could be potentially damaging.
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