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According to the EU Anti-Money Laundering Directives (AMLD), financial, tax, and business advisors are also obligated entities.
However, client risk assessment is not only a legal obligation for obligated companies under the anti-money laundering law but also a significant time investment.
Accountants, lawyers, and other obligated persons spend an average of 10-12 hours per month on client background checks and documentation management.
Step 1: Initial data collection
Send out an automatic client data form, based on which you can decide whether to enter into a client relationship. The form contains all necessary information for contract preparation.
Step 2: Initial risk assessment
Based on the collected data, you can determine the initial risk profile and make an informed decision whether to start a client relationship or not.
Step 3: Enhanced customer due diligence
Send out an automatic KYC (Know Your Customer questionnaire) and gather additional information about the client's activities.
Step 4: Risk profile determination
Automatic assessment of client-related risk and client profile determination based on KYC.
Step 5: Adding high-risk clients to the monitoring list
Adding high-risk clients to the monitoring list and additional assessment.
Step 6: Continuous monitoring
Monitoring the client's risk profile throughout the lifecycle and adjusting the risk profile, ensuring compliance with regulatory requirements regarding business relationship monitoring.
Our solution is created following the EU Anti-Money Laundering Directives and Financial Action Task Force recommendations.
Skip the annoying manual work and document collection. Complok automates the entire KYB process: data collection, risk profile determination, continuous monitoring, and report generation - all from one single platform.
Complok offers a 6-step client risk assessment process. A clear standard means your team knows exactly what to do and when, eliminating confusion and uncertainty.
Demo -> Setup -> Automated KYB
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