InstantWatch KYC Screening empowers the user to automate and streamline their KYC process. Want to identify and onboard more honest clients and show regulators you comply? Contact us for more information.
Screening of clients can be done in several different ways. A prospective client can be screened using the web browser interface. It is easy to integrate other systems to the InstantWatch KYC Screening web service interface. KYC-screenings of a client can be done in real time, for example in an automatic onboarding process and from payment services or for screening of the full client base in a batch.
Trapets full AML/CTF service, InstantWatch AML, is integrated with the KYC Screening service and screens the client base in a batch every night automatically. Owners and representatives are fetched from the KYC service and can be added to the client database with special customer types. Owners and representatives will thus automatically be screened against sanctions and PEP lists and any hits will generate an alert.
The Fifth EU AML Directive enacts new rules on beneficial ownership identification and recordkeeping requirements regarding ultimate beneficial ownership. This means that lists of beneficial ownerships will be set up in every member state. The lists will contain records of ultimate beneficial ownership reported by the obliged entities in that state. The lists will hopefully be available during 2020. Trapets’ KYC service will include these lists as well when they become available.
Owners and representatives can be provided as an internet service hosted by Trapets. This is the quickest way to get started. Privacy and security is taken care of by the system and by Trapets. InstantWatch can, as an alternative, be delivered to and hosted by the customer. The delivery project is quick and efficient and the customer can be up and running within weeks. Please contact Trapets for more information and pricing!