An Introduction to GoProposal AML
GoProposal AML includes GoProposal's Risk & KYC assessment solution, designed to support you and your team in fulfilling your Anti-Money Laundering obligations whilst giving you complete confidence in the process.
Integrated with your existing client onboarding and renewal process, GoProposal AML provides you with a set of guided KYC and Risk Assessments designed by experts and updated as legislation changes.
Assessments are tailored to the client entity and scenario, with in-built guidance to help you carefully consider the risks your clients pose and mitigate them effectively.
This article will walk you through exactly how to trigger, create and manage all of your client risk and KYC assessments.
This Guide: An Overview
Understand when pending assessments are triggered
All KYC and Risk assessments for new and existing clients can be managed within the Contact Hub. Those with the to do status are pending and need to be completed.
GoProposal will automatically trigger pending assessments for new and existing clients:
When a proposal to a new client has been accepted.
One year after an initial assessment has been done for an existing client.
After sending a proposal to a prospect, details of the organisation and primary contact will be added to the Contact Hub.
You can create an assessment for these entities as soon as you feel is appropriate, by setting the assessment status as to do within the AML tab of the contact record..
and launching the assessment.
🤝 Pending (to do) assessments will be triggered automatically for the organisation and primary contact if your proposal is accepted and a risk assessment has not yet been done.
Where known, include beneficial owners and directors at the complete proposal stage by adding their details to the additional people section.
Doing so will automatically include them within the AML view for that organisation and their assessments will also be triggered upon acceptance.
🤝 If unknown at the proposal stage, add any beneficial owners or directors that require AML procedures later by adding a new contact to risk assess (LINK).
To fulfil your ongoing monitoring obligations, client assessments will be flagged for renewal one year after the initial assessment has been complete.
At this point, their status will change from up to date to to do on their AML tab in their contact record, and will show as 'Action required' on the contact hub page.
You will need to manually assign a Risk and KYC status to any existing clients that have not previously had a Risk Assessment with GoProposal AML.
🤝 Set their assessments as to do or up to date via the add status option, depending on how long ago you risk assessed them (our experts recommend once a year for high risk clients, and once every three years for standard risk clients).
🤝 Manage the status of an organisation and all related individuals (such as beneficial owners) directly from the AML tab of an Organisation Record.
🤝 To ensure you can manage all beneficial owners and key people from the AML tab of the organisation, ensure they are contacts in the Contact Hub and have been related to the organisation.
Launching an assessment
To create a KYC and Risk Assessment for a new or existing client, find them within the Contact Hub. Your contacts page will show you the risk & KYC assessment status of all existing clients.
Those with the to do status are your current pending assessments. View the record of the individual or organisation who's assessment you need to complete.
Open the AML tab.
Within the AML tab, you will see:
All current assessments for an individual or organisation.
The status of these assessments and how many you need to do.
The risk profile of this client.
To launch an assessment, click launch next to the organisation or individuals' name.
You'll first be prompted to choose which out of the KYC or Risk Assessment you'd like to complete. Best practice would be to complete the KYC, before proceeding to risk assessment.
After choosing the assessment type, select the relevant template.
Assess a limited company, sole trader or partnership.
Assess the director or shareholder of a business, or any other type of individual you have been engaged to work with such as a self assessment client.
All questions in your KYC or Risk Assessment will then be tailored to the client type.
Completing your KYC assessment
Work through the KYC questions for the client type you have selected..
At completion you will be taken to a summary screen to review your answers before submitting the form.
Once you have finished your KYC, return to the assessment overview to complete your risk assessment.
🤝 You can download these assessments to store in your own document management system at any time.
Completing your risk assessment
Working through the questions
Work through your clients Risk Assessment questions by answering yes, no or unknown (where applicable).
Answers to certain questions will flag an enhanced risk, as defined by our experts.
You will see expert guidance on how to mitigate these risks, which you can use to inform your mitigation plan.
Include how you plan to mitigate any enhanced risks within the commentary and mitigation box.
This will be included in your report.
You may not know the answer to certain questions before you start working for a client. For these types of questions, choose unknown as your answer type.
The status of these risk assessments will display as in progress in your Contact Hub, until you are able to return to answer anything you did not know initially.
It's important that you and your team have this flag, to ensure you do return to it as soon as you are able to.
The risk summary
At completion you will be taken to a summary screen to review your answers before submitting the risk assessment.
This report will give you the overall risk level for this client, and highlight any enhanced risk factors alongside your mitigation plan for future reference.
The risk outcomes are defined as follows:
Enhanced: One or more of your answers has resulted in an enhanced risk.
Normal risk: There are no enhanced risks for the client.
You and your team will be able to return to this report at any time as you work with this client.
Submitting your risk assessment
Before submitting your risk assessment, please review your answers and confirm you are happy with the indicative risk level.
You can change the risk status where you believe this to be justified.
If you are the Money Laundering Reporting Officer (MLRO), you'll be able to approve or decline this client straight away.
If you do not have these permissions, you will instead see the option to send your assessment to an MLRO for approval.
Any user with MLRO permissions will be able to approve assessments flagged as awaiting approval directly from the Contact Hub.
Approving a risk assessment
As the MLRO, you are expected to approve or reject risk assessments submitted by members of the team.
Any user can be given MLRO permissions directly from Settings > Team (see user roles and permissions.)
You will see all assessments awaiting approval in the Contact Hub.
Click the awaiting approval link...
and launch the assessments that require approval from the AML tab.
Review the assessments and approve the client, decline the client, or request that the assessor makes changes.
Where changes are requested, the assessment will return to in progress in the Contact Hub.
These will then be sent back to you once changes are submitted for your approval and sign off.
Manage your assessment statuses
The status of all of your client risk and KYC assessments can be managed in the contact hub.
Here's an overview of the 5 key statuses..
You have a pending assessment for a new or existing contact because:
A prospect has recently accepted their proposal
An existing clients assessment is due for renewal
Somebody on your team has manually set an assessment status as to do
A KYC or Risk Assessment for this client has been started but has not been completed because:
It has been saved down part way through completion
One or more answers in the risk assessment has been set to unknown (this needs to be returned to as soon as possible)
A KYC or Risk Assessment for this client has been completed and sent for a user with MLRO permissions.
An MLRO has requested that changes are made.
Up to date
The assessment has been approved and the client has no upcoming assessments.
Manually assigning a status to contacts
Contacts with no current Risk Assessment will have an add status option. This enables you to:
Set a risk assessment as 'to do' for any contact and launch it (e.g. a new beneficial owner or a prospect that you know will be onboarding).
Update the status of all of your existing clients who have not been through GoProposal AML.
Assign the correct status out of to do, up to date, or not applicable.
Where the assessment is up to date, include the risk status and the client renewal date.
Including the renewal date means the system will automatically trigger a pending assessment at the point of renewal so it isn't missed.
Add a new contact to risk assess
As directors of the business change and new beneficial owners are identified, you will need to complete a risk and KYC assessment on these individuals.
You may also decide you want to assess organisations or individuals who have not previously had a proposal through GoProposal.
To do so, add them as a contact to your contact hub...
From the contact record, relate individuals to organisations and organisations to individuals.
🤝 This is key, as it will allow you to manage ALL of the assessments for an organisation (such as a limited company) and it's related individuals from one record.
Use the add status button and then specify this individuals assessment as to do.
You will the be able to launch an assessment from the individuals record or any organisations record you have related them to.
User roles and permissions
By default, there are two user permissions within GoProposal AML:
Here's an overview of what each permission gives users the ability to do:..
An assessment admin can create KYC and Risk assessments for clients and send them for approval to the MLRO.
Approver (typically an MLRO)
An MLRO can approve their own assessments or assessments submitted by other members of the team.
Assigning permissions to team members
At the point of onboarding with GoProposal AML, you will be able to assign the relevant permissions to each team member.
If you need to change these later down the line or as new team members are added you can do so from within Settings > Team.
Default roles and permissions
Team members with the default global administrator role have no restrictions, and have full capabilities across GoProposal and GoProposal AML.
Team members with the default member role do not have any AML permissions.
You can check these from Settings > Team > Edit user and scrolling down to see which role has been applied to a specific team member.
Create a new role to define exactly what permissions you would like a user to have across GoProposal and GoProposal AML.
User limits on your GoProposal and GoProposal AML plan will depend on the permissions that have been applied.