COMPLIANCE

Ensure Regulatory Compliance with a Risk-Based Approach to AML and CFT

Define and enforce business compliance policies through entire customer and transaction life cycles.

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Create an Effective AML Program with our Risk Management Solution that Provides Robust Detection, Rapid Escalation and Effective Resolution

Frequent changes in regulation across multiple jurisdictions leads to an increasingly high cost of compliance for businesses. Failure to comply can mean stiff financial penalties and loss of their business license.

With Biz4x, businesses can implement an effective AML program and acquire a good understanding of a customer’s risk profile through due diligence with end-to-end client identification, verification, screening and monitoring.

Aside from streamlining KYC procedures, Biz4x provides an automated risk assessment system that identifies suspicious behaviour through risk scoring, flags high risk transactions through transaction monitoring, and escalates them for further action such as reporting to regulatory authorities.

Compliance is specially designed for:
Streamline Processes
A single connected and automated system provides a full audit trail that streamlines end-to-end AML compliance from rapid customer onboarding to regulatory reporting
Customise Workflow
Assess and quantify the extent of risk involved with each transaction and enforce enhanced due diligence, block transactions or escalate to a higher authority.
Increase Efficiency
Automated transaction monitoring flags suspicious transactions immediately for enforcement actions

Features

FEATURE #1
Screen Customers Against a Comprehensive Risk Intelligence Database

Ensure that you know your customers by accurately identifying and screening them against global sanctions, watch and PEP lists. Use secondary identifiers such as date or birth and identity numbers to reduce false positives and increase accuracy of matches.

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FEATURE #2
Provide Regulatory Risk Reporting with a Complete Audit Trail

Access results from past searches across AML, CFT, PEP and sanctions lists for up to one year, so you can provide proof of AML compliance and submit multi jurisdictional regulatory reports.

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FEATURE #3
Create a Custom Compliance Policy to Automate Transaction Monitoring

Conduct risk-based analysis through a highly customisable risk scoring system that is based on red flags for money laundering. Embed customer screening into existing onboarding workflows, and assign customers into low, medium and high risk groups for further enforcement action.

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FEATURE #4
Facilitate KYC Checks and Enterprise Risk Assessment with a KYC Repository

Conduct rapid customer onboarding and ongoing customer monitoring with quick and easy access to identification documents that can be uploaded to a repository and shared with business partners.

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Frequently Asked Questions

Why do I need a compliance risk assessment policy for my business?
A business compliance policy ensures that your operations are managed according to a set of compliance guidelines to ensure that your business never falls afoul of the law when it comes to KYC due diligence. The compliance risk assessment policy can be customised according to your AML and KYC requirements and customers are placed into low, medium or high risk categories, upon which enhanced AML due diligence or an enforcement action can be triggered.
Why do I need to conduct customer due diligence?
In certain industries, customer screening against a global AML compliance database is mandated by the law for purposes such preventing money laundering and terrorism financing. The criteria for Know Your Customer checks differs depending on local Know Your Customer laws, and types of regulatory reporting in different territories and industries.
Is Biz4x compatible with my jurisdiction?
Biz4x’s highly flexible risk management solutions are highly customisable and built for multi jurisdictional use. Depending on your local regulatory laws, you can limit transaction amounts, mandate enhanced due diligence for large transactions, or assign a higher score for factors that you consider to be of a higher risk. If local regulatory reports in your jurisdiction are not available, you can send us these reporting templates, which can be included into our product roadmap.
Where does the AML compliance data for customer screening come from?
Biz4x's anti-money laundering and compliance data is sourced from top global compliance risk solutions data providers.
How often is the AML compliance database updated?
Global sanctions lists are monitored every day and the database is updated with any changes within 24 hours of a new listing being published. 34,000 new reports are added monthly with 60,000 reports being reviewed monthly.
What results are included in the AML compliance database?
Our database has over 3 million results that are sourced globally from the US Office of Foreign Assets Control, the Specially Designated Nationals and Blocked Persons List, Central Intelligence Agency, European Union and United Nations. It covers all major international and national lists published by governments and independent organisations. It allows for sanctions screening, PEP monitoring, and includes results from anti-money laundering, countering the financing of terrorism, anti-bribery and corruption, organised crime and third party risk lists. It covers 240 countries and territories in more than 65 languages from over 100,000 reputable sources.
How does risk scoring in the compliance risk assessment policy work?
Our integrated risk management system is based on a risk scoring system where points are assigned according to risk factors such as source of funds, method of payment, amount of currency, frequency of transactions and more. If certain risk factors are deemed to be more high risk, a higher number of points can be assigned to that risk factor, so it has a higher bearing on risk categorisation of customers.
How can I use the KYC repository?
KYC requirements for individuals such as documents can be uploaded to the KYC repository for easy access to simplify and facilitate the sharing of files for customer due diligence between businesses such as trading partners through our risk management software.
What new features are on the Biz4x compliance roadmap?
Biz4x is updated on a monthly basis. We are working towards a refined process of continuous customer monitoring, and plan to include STR reporting and an policy enforcement approval workflow. Have a suggestion? Send us your feedback.
Biz4x is used by businesses in more than 30 different countries across a number of industries

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