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Services
At Technically Creative, we take a different approach to determining your requirements and needs.
We provide product recommendations without bias. We do not accept referral or reseller fees for any of the products we recommend to our customers.
Contact us today to learn more about our services.
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Regulatory Compliance Environment Maintenance
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Regulatory Compliance is a term generally used to describe the policies and processes which organizations have in place to ensure that they follow the very many laws, rules and regulations put in place by the bodies which control financial activity in a given jurisdiction. Those rules and regulations are designed to ensure that activity in the markets is fair, transparent and robust, both between the institutions themselves (the so-called professional market) and, probably more importantly, when the institutions are selling services or products to private individuals.
Regulatory compliance also describes the goal that corporations or public agencies aspire to in their efforts to ensure that personnel are aware of and take steps to comply with relevant laws and regulations. This will include monitoring, reviewing, controlling and retaining data or records which can be used for the purpose of implementing or validating compliance.
A key component of Regulatory Compliance is the variety of policies and processes firms are required to have in place to meet legislation and regulation designed to prevent the use of the system for the purposes of a crime, in particular Money Laundering, fraud and Counter Terrorist Financing. There is probably nothing which can damage the reputation of a business more nor leave it more exposed to serious regulatory sanction and fines than the suggestion that it has been used as a conduit to provide funds which have been used to finance Money Laundering or, even worse, a terrorist act.
Even if the institution is an innocent participant, the very link of its name to an incident can be damaging. So the institution needs as much help as possible to identify, control, regulate and monitor communications that could pose a risk to the business or the people. With the proper technologies and processes in place the business can catch and prevent an incident before it occurs and sometimes catch a criminal in the act.
Money laundering is a frequent concern to businesses and the government as the act of Money laundering is typically centered around criminal activity such as drug trafficking, bribery, extortion, embezzlement, theft or other criminal activity, as the criminals try to make their ill-gotten gains appear genuine. The government has steadily sought out those that permit the laundering of unscrupulously attained funds as it always leads to a criminal or the planning of a crime.
Anti-Money Laundering processes and controls helps banks and financial institutions protect themselves and their reputation from the criminals.
Key elements of a sound Anti Money Laundering program are:
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Minimum Standards and Policies, which clearly set out your philosophy on crime prevention and business requirements
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Strong "Know Your Customer" checks at customer onboarding to identify and exclude known criminals but also to be sure you know the real identity of the customers you do take on.
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Processes (very often automated) to monitor the activities on customer accounts to identify suspicious activity and to check incoming and outgoing payments for unauthorized transactions
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Retention of customer data, files and records of transactions for required legal and audit periods
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Enforcement and escalation process for investigating and acting on suspicious activity
Contact Us to learn more about Technically Creative's Regulatory Compliance Environment Maintenance Solutions.
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