The stakes are high.
Global regulatory action has produced a wave of investigations and sanctions, jeopardized licenses and found individuals personally accountable and liable for non-compliance.
Regulated institutions are increasingly faced first, with the risks associated with money laundering, second, with the need to comply with anti-money laundering regulations imposed by regulatory bodies and governments across the globe and ultimately, with the risk of becoming a sanctioned entity as a result of suspected intentional participation, or unintentional facilitation of money laundering.
Failure to comply with anti-money laundering laws and regulations and breaches of financial sanctions can have serious consequences: punitive fines, criminal proceedings, damaged reputations and sanctioning – all crystal clear motivations to justify efforts of compliance.
In Namibia, rising rates of economic crime continue to disrupt business.
At 53%, Namibia’s rate of reported economic crime is slightly higher than the global average rate of 49%.
One in five Namibian organisations cite asset misappropriation and bribery and corruption as an emerging threat. Fraud risk has been seen to emerge with as much prominence from within organisations as it does from outside.
Due Diligence Requirements under the Financial Intelligence Act
- Understand who is the customer.
- Understand who owns and controls the customer
- Understand the purpose and intended business relationship of the customer.
- Assess and determine the level of risk associated with a customer.
- Conduct ongoing due diligence of the business relationship – including scrutiny of transactions involving that customer.
Counter Terrorism Requirements under the Prevention and Combating of Terrorist and Proliferation Activities Act
- Screen customers against United Nations sanctions lists to identify customers owned or controlled by a designated person, organisation or country.
Businesses often develop a false sense of security about the risk profile of a particular customer or group of customers. This could be because they have met the person in question, have a longstanding professional relationship with them, or because the business and the customers are in the same jurisdiction. This attitude of “we know our customers”, especially amongst more senior staff who have an historical relationship with some individuals and personally vouch for them, can lead to red flags being overlooked. In addition, the failure to recognise the risks associated with your own jurisdiction is a particularly common pitfall. Also, don’t forget that customer risk can change over time. A person who has been low-risk for many years may become high-risk owing to a change of job, a move abroad, or being elected to political office. If you don’t screen them regularly, you may not find out about their change in risk profile until it’s too late!
The core purpose of customer screening is to add to the risk picture of your customers (or potential customers) and, specifically, to identify if they are:
- Subject to international sanctions
- Politically exposed persons (PEPs)
- Convicted or suspected criminals
- For some other reason, a reputational risk to your business.
The ultimate aim is to find out whether your customers are or could be linked to money laundering, bribery and corruption, terrorist financing, or another form of financial crime, and, if they are, to protect your business by taking evasive action (by declining to do business) or appropriate follow up action (through enhanced due diligence [EDD] or a suspicious activity report [SAR]).
Better Insight - You want better insight into the level of risk of your new customer and instant alerts if this changes over time. Fast Remediation - Your team wants to spend time on taking decisions, not trawling through unnecessary ‘false positives’. Seamless Onboarding - Your customers want to be onboarded faster and more easily. Global Compliance - You want to comply with all regional Sanctions, AML and CTF requirements.
KYC offers an automated customer onboarding and monitoring service designed for financial institutions and other reporting entities.
KYC HAS PARTNERED WITH COMPLYADVANTAGE to provide a secure and comprehensive, online compliance service, pre-configured with the highly structured COMPLYADVANTAGE database of intelligence on heightened risk individuals and organisations.
COMPLYADVANTAGE is a global AML data and technology company providing next generation technology to automate and comply with sanctions, anti-money laundering and combating financing of terrorism. It is the world’s only dynamic, real-time database of people and companies that pose financial crime risk.
Better Global Coverage
Global coverage, including emerging markets
Publically available global sanction lists
1000s of regulatory, law enforcement, fitness and probity watchlists
200 countries and 14 languages.
Real-time data and updates
Every profile reviewed for risks daily
5m media articles analysed daily
New events added as they occur.
Better data quality and provenance
Flexible search for risk-based approach
Accurate context via machine learning technology
Snapshot views to make decisions quickly
Fewer false positives & fuzzy matching.
Deeper insight into connections
Deep profiles covering biographies and crime types
Pictures where available
Connections e.g. associates and relatives.
countries & territories covered
articles per day analyzed
to incorporate Sanction list updates
data sources actively monitored
existing profiles enhanced everyday
of profiles checked for updates daily
Global Sanctions & Watchlists
Politically Exposed Persons
- Profiles of entities on global and national sanction lists.
- Richer information with real-time updates e.g. pictures, connections, media articles, source links, etc. Database of entities with adverse media categorised by risk stage, age and crime type. 5-8m media pages analysed per day across major global languages. Easy to navigate articles for each entity with key snippets and clear sources.
- 1,000s of government, regulatory, law enforcement, fitness and probity watchlists.
- Proprietary global database of PEPs in 200+ countries continuously checked for updates. Easy-to-understand PEP categorisation in risk classes according to FATF guidelines. PEP profiles enhanced with connections, relatives, close associates, pictures and media articles.
KYC Provides Three Major Services
Administration - for setting up and configuring organisations, their watchlist category selections, scanning and matching criteria, and permitted users.
Scanning - for performing single and batch scans of individual or corporate customer data against the watchlist scan and match results and implementing due diligence decisions and comments on matched entities, to build a Whitelist for eliminating false positive matches from future scans.
Reporting - for reporting on scanning activities and due diligence decisions. Review full profile details of scan match results and research the individuals or companies that were identified as matches, to determine if they are true or false matches. Record due diligence decisions, risk assessments and comments against all matches. Access to full profiles of matched entities, including links to articles and images, to aid verification of matches. Maintenance of due diligence decisions and assignment of assessed risk on matched entities. provides a complete scan history and audit trail, logging all user interaction.
Key Features of Our Screening Solution
- Support for multiple organisations and organisational hierarchies
- Daily and periodic batch scanning to check batches of new members, clients or account holders, or an organisation’s entire member or client base
- Real-time, ad hoc single scanning to check individual members or clients when they join, open a new account or require payment
- Single and batch corporate scanning to check corporate clients
- COMPLYADVANTAGE Application Programming Interface (API) integration with KYC that provides real-time screening
- Access using pre-defined user roles with fine grained access control
- Daily update of compliance lists of PEPs, sanctioned individuals and entities and persons of special interest
- Complete, and up-to-date information to scan against
- Ability to customise the watchlist categories to be utilised for scanning
- Match settings can be customised at organisation or scan level e.g. Match Type, Whitelist, Country of Residence and PEP’s Country of Jurisdiction
- Ability to view full profile details of scan match results
- Due diligence workflow enables recording of a match and comment, against each match
- Whitelist creation, based on previous due diligence decisions, to eliminate future false positive matches
- Comprehensive scan and match reports, results and category analysis
- Match reports can be exported for customisation and further investigation
- Email notification of scans performed provided to the organisation’s specified email address
- Full audit capabilities of scanning activity.
Third Party Risk Management
The use of third parties is nothing new — companies have worked with suppliers, outsourcers, licensees, agents, and the like for years. What has changed, however, is the frequency and scale of third-party use and the regulatory focus on how organizations are managing third parties to address the inherent risks. In an era of heightened security, determining whether individuals, companies or organizations are restricted from conducting trade is essential.
At KYC we support corporates with the on-boarding and review of third parties through our screening solution. We screen customers, suppliers, and other trading partners against restricted party blacklists from governments worldwide. Restricted party lists (also called denied party lists) include names of organisations, companies or individuals that various international organizations and foreign governments have identified as parties that one cannot do business with. Essentially, they may be a terrorist organisation or affiliated with such an organisation, they may have a history of corrupt business practices, or they may otherwise pose a threat to national security. While it’s not a legal requirement to check the list, it is a violation of regulations to do business with people or organizations on these lists.
Obsessive Data Security. Because You Expect Nothing Less
In partnership with COMPLYADVANTAGE and NAMHOST INTERNET SERVICES, KYC adheres to the strongest encryption of data and meet the strictest regulatory requirements.
Be confident you are in control to make the right AML risk decisions with our comprehensive, real-time global coverage of Sanctions, Watchlists, PEPs and Adverse Media
Safely automate your onboarding and monitoring processes and empower your compliance team to make better decisions faster