Law firms, accountancy firms and financial corporations are required to conduct risk assessments, client due diligence (CDD) and ongoing monitoring on their clients. The precise processes for CDD and risk assessments are often complex and vary greatly, depending on industry and jurisdiction. Organisations using static forms to onboard clients can often struggle to implement systems which adequately incorporate all the interconnected requirements of these two vital AML components.
VinciWorks’ AML client onboarding solution can be used to enhance both the risk assessment and document collection aspects of client onboarding. It also gives organisations peace of mind that all necessary information has been recorded and that they have a robust defence in the event of an alleged breach of AML obligations.
Enter all client details or extract relevant information via API.
Conditional logic ensures questions vary based on factors such as client entity, jurisdiction of incorporation and industry.
To assign a risk level to each client, users are alerted to any flags and are guided by industry-specific guidance.
Admins can approve or deny new clients, send requests for more information, and undertake periodic reviews.