InstantWatch CDD

InstantWatch CDD; Online client onboarding and ongoing due diligence

About the CDD service

InstantWatch CDD is a flexible system used for onboarding new clients as well as ongoing due diligence. It allows companies to automate the client due diligence process while at the same time mitigate the risk of being used for money laundering or terrorist financing.

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Onboarding KYC

When onboarding new clients, the KYC process is essential to be compliant with the current and upcoming AML regulations. InstantWatch CDD gives an excellent support for:

  • Client identification
  • Gathering and storage of KYC-information
  • Screening and obtaining of third-party data
  • Risk calculation
  • Analysis of KYC-answers
  • Agreement signing

InstantWatch CDD has a user-friendly interface and is easy to administrate. The system allows you to configure questionnaires, risk model and analysis of gathered information. The questionnaires can be cleverly designed so that it dynamically changes questions based on the clients´ previous answers or based on other information known about the client.

Risk assessments

The platform InstantWatch offers an automatic and holistic risk- based approach where risks are calculated using a weighted risk model that is configurable in order to support any type of business. Many different attributes can be taken into consideration when calculating the client’s risk score. Examples of factors often used are answers to KYC questions, screening result, customer details and information gathered from external sources etc. The risk model can generate a risk score of the potential client and account in real time, using an API.

Ongoing Due Diligence

The regulatory framework emphasizes the importance of KYC. An important aspect is to keep the information up to date in order to monitor clients according to their KYC answers and corresponding risk score.

InstantWatch CDD supports functionality which enables a renewal of the clients’ KYC answers. It is easy to create different questionnaires which are based on a set of predefined questions. Depending on the client’s risk score, or other factors, the corresponding questionnaire will be activated.

The questionnaires can be activated as a one-time job, for a selected customer at a specific point of time, or as an ongoing job to automatically activate questionnaires for a predefined set of relevant customers.

Enhanced Due Diligence

If, for some reason, a client cannot be onboarded automatically or is considered a high-risk client and therefore more information about him, or her, is required, enhanced due diligence may be necessary.

InstantWatch CDD enables a firm to establish rules based on the client’s KYC-answers, their calculated risk, screening result and/or information gathered from external sources. This may entail a wider scope of questions (e.g. follow-up questions based on previous answers) asked to the specific client or manual handling of the application. An automatic validation of the KYC-answers can be configured both in the onboarding process as well as in the ongoing due diligence process.

The way of validating a client is configurable and can be customized for every firm’s specific requirements.

Efficient workflow

The InstantWatch CDD workflow is efficiently handled with powerful alerts, case management, and reporting tools. Workflows can be personally customized with dashboards containing configurable widgets, which allows the user to optimize their workflow. All documentation can be easily stored in the alert itself or in the case management tool. The system can be configured for thinning of personal data for compliance with GDPR.

Integration

InstantWatch CDD can easily be integrated into a firm´s own client portal by a REST API.

Monitoring assurance and audit possibilities

InstantWatch has support to exercise control functions to assure that the system does what it is expected to do. All configurations are documented within the system, and you can easily look at old configurations, comments about why it is configured in a specific way as well as investigate the outcome of changes done during a period. The system includes a comprehensive audit log with full traceability, and users with sufficient privileges can trace any change at any given time.

How do I get started?

InstantWatch CDD 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!

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