Anti-Money Laundering Prevention does not end with a one-off risk assessment at the onboarding stage of a client’s life cycle. If the business relationship is an ongoing one, then subject persons are legally required to keep monitoring their clients for suspicious undertakings and risks that could indicate or lead to money laundering activities.

With StartKYC’s, AML monitoring is included in every standard package.  This means that, at no additional cost users can stay up to date with changes in their customers’ risk status, customise monitoring criteria to only monitor risks relevant to their business, and also prioritize according to the importance that they assign.

What does StartKYC monitoring include?

Businesses relationships are never static,  people change, circumstances and situations change, and as a result so do risk levels. The StartKYC monitoring service keeps all the information and documents that are compiled during the early stages of the business relationship, continuously updated, so that any changes to the client’s status is recorded and updated.

The system also allows the subject person to trigger specific alerts depending on their particular criteria.  For example, if it is important for the subject person to know if or when a certain client becomes a PEP, then a trigger can be implemented so that the subject person is automatically alerted, when and if this happens.

Any changes in the client’s profile might simply mean an increase or decrease in the risk level that was assigned to the client during the initial AML screening but it could also mean that higher precautions and provisions need to be put in place with regards to the client’s business and their relationship with the subject person.

The StartKYC monitoring tool ensures that accurate data is retained and that as time goes by, the client’s risk classification is updated as required.

How often does monitoring happen?

The frequency of a client’s monitoring is dependent on the Risk Profile / Rating that is assigned to the client during the initial AML screening by the subject person. This allows for a customised approach which enables the user to monitor as frequently as they deem necessary and to focus the resources on red flags and indicators which present a higher AML risk.

StartKYC does not limit its users to PEP and Sanction screening but provides a platform which allows the user an ongoing monitoring facility which runs daily searches on persons and entities against a wide range of databases including:

• Global Sanctions
• Global PEPs
• Global Financial Regulators
• Global Adverse Media Sources
• England & Wales Charities Commission
• Insolvent & Bankrupt Lists
• Disqualified Directors Database