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.
Omnitrack's AML solution enhances both the risk assessment and document collection aspects of client onboarding. Our template workflows adapt to the specific risks posed by each client, based on factors such as jurisdiction, type of entity and industry. This allows you to make informed choices about each client using the risk-based approach. Our comprehensive workflows incorporate industry-specific guidance such as LSAG for law firms. The flexibility of Omnitrack lets you choose the default workflow most appropriate to your business. The workflow can be customised to suit your own areas of practice and risk scoring system. Our team will guide you through every step of the process.
AML client onboarding solution — Why Omnitrack?
Unpack regulatory guidance — Prebuilt workflows ensure best practice for a range of regulated and non-regulated industries
Determine correct CDD — Requirements adapt dynamically according to each client
Save time — Automations and intuitive workflows help save staff and clients time
Risk-based approach — Baked into the workflow, determining risk levels across a range of factors
Ongoing monitoring — Automated reminder emails to review high, medium & low risk clients
All documents in one place — No more losing important supporting documents
Keep regulators happy — Our built-in audit trails and compliance timelines tell the full story
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.
What our clients say
We chose Omnitrack because of its simple and user-friendly interface. The statuses and reminders mean we can always see who is 'holding the ball' for each client, and if information is missing or needs updating.
Oldham, Li & Nie
From impeccable and immaculately prompt and helpful customer service to precisely working to understand my business and our training requirements with sincerity and diligence, VinciWorks has sought to make everything I wanted to happen - happen.
Group Compliance & Data Protection Officer
VistaJet (Group) Limited
Omnitrack significantly improves not only our compliance in general, but also the efficiency of our process.
European Counsel, Risk & Compliance
Davis Polk & Wardell
Our hosting and security, implementation and support and APIs and integrations are unparalleled in the industry.
Frequently asked questions about AML onboarding and monitoring
What is AML client onboarding?
AML (Anti-Money Laundering) client onboarding refers to the process of collecting and verifying information about a new client in order to ensure they comply with AML regulations. This includes verifying the client's identity, assessing their risk level, and obtaining information about their source of funds and intended use of the financial services being offered. The objective of AML client onboarding is to prevent financial institutions from being used to facilitate money laundering and other illegal activities including terrorist financing.
What is involved in the AML onboarding process?
The AML client onboarding process typically involves the following steps:
Identifying and verifying a client's identity: This includes gathering basic personal and contact information and verifying the client's identity using government-issued personal identification documents and other reliable sources.
Conducting a risk assessment: This consists of assessing the client's risk level based on factors such as their geographic location, the nature of their business, and finding out whether they are a PEP (politically exposed person). Also esptablishing whether the client has any criminal record or history of sanctions against them.
Verifying client's wealth and source of funds: Understanding the client's source of funds and wealth, including their occupation, income, and financial history.
CDD (Client Due Diligence) or KYC (Know Your Customer) documentation: Gathering additional documentation to support the information that the client has provided, including proof of address and business documentation.
Ongoing monitoring: Ongoing monitoring of the client's activities to ensure continued compliance with AML regulations. This may include regular reviews of transactions, updates to client information, and risk assessments.
The importance of automating AML client onboarding
There are several ways in which automating the AML client onboarding process can benefit your business and improve outcomes:
Speedier and more efficient: Having to manually verify client information and conduct risk assessments can be slow and tedious. Automation streamlines the process and greatly reduces the time and effort involved.
More accurate: Automated systems can reduce the risk of errors and inconsistencies in the information gathered during onboarding, helping to ensure a more accurate and complete picture of the client.
Enhances compliance: Automated systems can help financial institutions comply with AML regulations more effectively, as they can be designed to include and automatically carry out specific checks and controls that are required by regulatory bodies.
Reduces risk: Automation can help to reduce the risk of money laundering and other illegal activities by providing a more comprehensive and consistent approach to AML client onboarding.
Cheaper: Automating the AML client onboarding process can save your organisation money, as manual processes can be time-consuming and resource-intensive.
In short, automating the AML client onboarding process can provide organisations with a more efficient, accurate, and effective way to meet their AML compliance obligations.