Getting to Grips with “Adverse information” and AML - Part One

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If you think your existing systems will meet 4MLD compliance, then think again:

Multiple checks will be required to comply with 4MLD. Many organisations are unaware that sifting for intelligence on PEPs using conventional search engines and databases is simply not enough. Search engines Search just an estimated 0.03%4 of the web, making it impossible to manually locate most published information on individuals or entities. It takes a global search of a significantly enhanced range of published information on the web, using local search engines and linguistic nuances to uncover all relevant information. Businesses need education on the many challenges that 4MLD brings, and to reassess their existing processes. Existing checks using simple searches are likely to be inconclusive, resulting in either good business from PEPs being turned away or a failure to uncover adverse information, which may lead to regulatory sanction.

While every facet of modern life is rapidly becoming more digitised with disruptive new technology, the banking system is slow to keep pace with change. Revolutionary RegTech is exactly what is needed to bridge the information gap and relieve burdensome manual processes on 4MLD due diligence. It is now urgent for businesses to be aware of the technology that is available to help meet these new challenges in an era of increasingly stricter regulation.

Preparing for 4MLD? RegTech in your compliance armoury is key:

Kompli-Global started with a lightbulb moment. During a Westminster Forum seminar on 4MLD in 2015, Kompli-Global Limited Chairman and founder John Davies realised the challenges presented by complying with the new Directive. He also realised the lack of preparedness of the financial industry and decided to bridge the information gap. Having a popular name, John Davies, meant conventional searches produced over a million results mostly unrelated to John. As a Director of 31 companies and having business connections with three PEPs, thousands of checks were required before financial services providers could fulfil their legal obligations to accept him as a client. It was clear to John that businesses did not have the technology available to perform the level of due diligence expected under 4MLD.

This issue also captured the attention of Jane Jee, a barrister with board level experience in compliance. Jane saw the burden that obliged entities faced and recognised that only the right technology could solve this issue in time to meet the June 2017 deadline for implementing 4MLD. Jane joined Kompli-Global Limited as its CEO in July 2016 to help businesses take on new clients and develop deeper relationships with them, by utilising the additional information that thorough customer due diligence can provide.

Artificial and human intelligence working in harmony:

Money laundering is a complex crime that requires increasingly strict AML regulations, especially in today’s digital world. With the right RegTech, people and processes working together, the information needed to meet the compliance challenge can be accessed faster and regulatory obligations properly fulfilled. When Artificial Intelligence (AI) is deployed with Human Intelligence (HI), it supports experts to make better decisions that, in turn, are more likely to manage risk and satisfy the Regulators.

Kompli-Global’s range of services have been carefully constructed to ensure firms meet their compliance obligations and unearth data from the deep unindexed web in multiple local languages and jurisdictions that is not practical to find through manual searches. Working in harmony with due diligence experts across the globe, Kompli-Global’s proprietary technology delivers the information necessary to make better-informed risk-based decisions.

kompli-IQ is an intuitive way to find published information on an organisation or individual. The online search carries out a full interrogation of both the indexed and deep unindexed web.

With respect to report-writing, there are areas where human intelligence and knowledge beats machines hands down, and that’s in understanding local and linguistic nuance. Kompli-Global’s worldwide team of in-country compliance specialists, connected and integral to the platform, are on hand to provide immediate support with understanding of the specific jurisdiction’s language, slang and dialects.

kompli-IQ helps firms automate arduous compliance and reporting obligations. The technology will be continually enhanced to ensure it remains at the forefront of regulation technology, starting with the incorporation of an intelligent chatbot.

The Kompli-Global chatbot will help keep compliance simple:

In top-selling products such as Apple’s iPhone and Amazon’s Alexa, chatbots have been helping save time, multi-tasking and quickly identifying information by answering simple questions using AI and voice recognition innovation. It is in enterprise technology, however, that chatbots can make our lives more convenient. In banking and financial services, chatbots are already beginning to simplify processes, and 80% of financial institutions already see them as a significant opportunity5. When regulation, customer service and operations are complex enough, chatbots can help to significantly simplify, improve and speed up processes, while reducing operating costs.

Imagine if you had a super intelligent assistant that you can speak speak directly to and one that will report back the precise, specific and intuitive information on any of your current or potential customers. Soon, kompli-IQ will provide its own intelligent multi-lingual compliance assistant that learns and improves with every single use.

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A software as a service (SaaS) desktop portal, giving access to a global regulatory platform that uses proprietary artificial intelligence (AI) and deep search technologies to interrogate a wide variety of global data sources and web content.

Searchable database to alert and flag anolmolies and potential Bad Actors.

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When clients determine that additional human analysis is required, our highly trained in-country specialists can provide confirmation or verification of returned records on a case-by-case basis.

Combining kompli-IQ's human investigatory abilities to deliver a written CDD report on a target subject. kompli-insight reports are the result of thorough interrogations performed against a comprehensive range of public domain information sources.

The ultimate Enhanced Due Diligence (EDD) report. From bespoke research and specialist investigation, clients’ requirements and direction, and specific focus on red flags identified at the CDD level

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kompli-IQ uncovered significant material intelligence that was otherwise unavailable to us.

Gambling Sector

kompli-insight conducted CDD on our VIP ‘high-rollers’ to gain insight into their backgrounds

Gambling Sector

We are considering our options, including closing the subject’s account and filing a Suspicious Activity Report (SAR) with the NCA.

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