AML/KYC
Ensuring compliance with Anti-money Laundering (AML) and Know Your Client (KYC) regulations is a very daunting and difficult task. With Regulatory inspections becoming more frequent and the size of fines often significant, Financial Institutions must “get this process right”
In response to this need, OPL have created a Digital AML/KYC Solution that has the flexibility to be tailored to our customers’ design and policy requirements. Powerful features delivered include:
Customer Onboarding and Account Opening forms fully digitized, with dynamic adjustment based on data entered
Digitization of existing KYC policy, or leverage OPL’s pre-configured templates
Automated and dynamic workflow, leveraging OPL’s powerful rules engine
Digital signatures – certified if need be – included with the click of a button
Client Refresh / Periodic Reviews automatically triggered based on policy
Risk Ratings generated using either your own methodology or a number of pre-configured versions
Seamless integration with customer systems or databases to push and pull data
Auto population of data throughout the process into forms and systems – enter only once
Digital customer experience – extend OPL to your customers to enter their data and sign
Transaction Monitoring capabilities
Suspicious Transaction / Unusual Transaction monitoring and reporting capabilities
Seamlessly send data to finance systems, eliminating manual entries
Electronic files created for each client onboarding or periodic review
OneVault included – storage folders with client defined security for your documents
Custom reporting capability to automate your own AML/KYC reports – both internal and external, including Regulatory reports
AML/KYC Case Study
A global PE firm with $58 B in assets under management
One Paper Lane was engaged to digitise the AML/KYC process for fund investors and bring in automation and increased compliance
Problem Statement
Current AML/KYC process was paper, and email driven
Investors needed more guidance on documentation required
AML team found it hard to keep track of information needed
Delays in the compliance process could potentially impact the fund closing schedules
There was a need to mitigate potential risks in the current process
Existing technology setup not able to meet desired goals
The OPL AML/KYC Solution
End to end AML/KYC process digitised
Investors are presented with customised AML/KYC checklists based on their profiles
Client policies are automated into the platform, driving full compliance each time
System prompts on mandated supporting document requirements
Compliance team provided alerts on documentation to be reviewed
Digital templates for each type of checklist made available to all users
Auto alerts for documents that need to be renewed
Ability to seamlessly send data to existing systems eliminating manual entries
Deadline, reminders, approval escalation setting
60%
Faster Processing Time
75%
Improvement in compliance
