Keep Money Laundering and Fraud out - TONBELLER® AG

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Whitepaper | Keep Money Laundering and Fraud out - Know your Customer (KYC) KYC Questionnaire – Benefits for the Ongoing Customer Due Diligence Process All information gathered through the KYC questionnaire will be available in the research process. One of the strong benefits of the Siron ® KYC solution is the possibility to check the stated behaviour of the ‘customer’ against the real behaviour in order to identify suspicious activities (within the research systems Siron ® AML and Siron ® FD). Example During customer acceptance the customer supposedly indicated that he will not have any foreign payments or transaction. The AML or compliance officer now has the possibility to perform plausibility checks within the customer due diligence process (for details see: 2.3 Step 3: Ongoing customer Due Diligence). In case that the customer actually performs a lot of foreign payments / transactions the research system now generates an alert to indicate that the customer gave false statements when answering the KYC questionnaire. Hint For more details see: 2.3.1 Check stated behaviour with actual 2-22
2.2.1.3 PEP screening & watch list management PEP screening Whitepaper | Keep Money Laundering and Fraud out - Know your Customer (KYC) The core element of the customer acceptance process is to verify the customer identity of politically exposed persons (PEP). However, this includes unforeseen challenges since, in contrast to sanction lists there are no official PEP lists. Databases describing national and international politically exposed persons primarily differ in their volume, quality and integration. Data providers offer PEP lists with more than 1,2 million entries worldwide. How to make sure that the matching of voluminous data stocks with PEP databases returns qualified results? Identical names of a PEP and a customer always produce a hit although they might not be the same person („False Positives“). Primary identification criteria, such as birth date, place of birth, passport number or national identification number as well as secondary identification criteria, such as address or passport photograph, are used to optimize the matching procedure, thus reducing false positives as well as the effort of manual checking. Siron ® KYC has interfaces to all commercial database providers like World-Check, World Compliance, Dow Jones Watch List (formerly known as “Factiva”). Image: All applicable embargo regulations and legal requirements to identity PEPs are covered by Siron ® KYC After completing the KYC questionnaire, the customer acceptance officer has to start a screening process whereby the data from the questionnaire (such as first name, last name, place/date of birth) is matched against the PEP database. In case of legal entities or companies all beneficial owners are included in the screening process and checked against the PEP database. All matches are displayed in the system including links to additional information for an in-depth check. 2-23
Page 1 and 2: Whitepaper Keep Money Laundering an
Page 3 and 4: Table of Content Whitepaper | Keep
Page 5 and 6: 1.1 Know Your Customer Policies Whi
Page 7 and 8: 1.2.3 Africa Egypt None Whitepaper
Page 9 and 10: Whitepaper | Keep Money Laundering
Page 11 and 12: 2.1.2 Categorize Risks Whitepaper |
Page 13 and 14: Headquarter Region - North Branch N
Page 15 and 16: 2.2 Step 2: Know your Customer Whit
Page 17 and 18: 2.2.1 Customer Acceptance Whitepape
Page 21: Beneficial owners There are various
Page 25 and 26: 2.2.1.4 Beneficial owner Whitepaper
Page 29 and 30: 2.2.1.7 Case Management Whitepaper
Page 31 and 32: 2.3.2 Re-Calculation of the risk Wh
Page 33 and 34: Supported Application Servers: Whit
Page 37 and 38: 5. Appendix 5.1 Glossary 2003 FATF

Keep Money Laundering and Fraud out - TONBELLER® AG

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