What is Ongoing Monitoring?
Your business must have a continuous monitoring process that ensures it stays informed about any client changes.
Governments as well as regulators believe this is necessary, since these changes may lead to a rise in money laundering risks for your client.
In reality, ongoing monitoring is frequently overlooked and easily forgotten, however a failure to implement these measures brings your company to unprecedented risk.
How does GoProposal AML help you achieve this?
Designed by professionals in AML, GoProposal's ongoing monitoring system ensures that your clients are reviewed for risk of MLTF rapidly and seamlessly while meeting all requirements set by the National Regulations.
How does it work?
Alerts you when a client's renewal is due in the Contact Hub
Enables you to renew your existing client KYC and risk assessments
Provides you with specific templates designed by professionals to ensure compliance
Guides you on exactly what you need to do in specific scenarios (e.g. change of address)
Reduces the time spent on ongoing monitoring via automation
How to find clients who need a renewal
Before we look at how to use the renewal feature, let's take a look at where to find this.
If you head to your Contact Hub, on your toolbar ...
...then use the 'assessment status' button to filter.
Click the 'renewal soon' button to bring up a list of all the assessments that need renewing.
How to carry out a renewal
Click into a contact's profile, make sure you're in their AML tab, then click the 'Needs renewing' link under the KYC & Risk assessment section. This will take you to the AML renewal page.
Once the renewal page has opened, click the ‘Assessment renewal’ button underneath the 'To do' heading.
You will then be asked a series of questions to establish whether any changes have occurred since the last assessment.
Once, completed you can click the 'Next' button at the bottom of the page.
You can then look to complete the renewal KYC and Risk Assessment assessment by clicking on the option for each.
Which ever one you complete first, you will be redirected back to this page later to then complete the other.
All your answers from the previously completed KYC & Risk Assessment will automatically show here for you, which means you can simply edit the information as needed to show any changes, saving you mass amounts of time.
To make changes to any of the sections, click the 'edit' button that shows to the right.
Once you have made all the necessary changes, click the 'Finish' button at the bottom to lock in the information.
You will then be taken back to the review page, so you can complete the other outstanding section.
Please note: Both the KYC and Risk Assessment templates work the same. All sections can be edited and once completed be sure to click the 'finish' button.
One of the differences with the Risk Assessment is that you can review the risk summary at the top of the page...
...and you will also be asked to complete the disclaimer section too.
Once you have completed both the KYC and Risk assessment, you will be taken to the Renewal Summary page which has an overview of the detail provided so far.
Once finished, head to the bottom of the page and click the 'Finish renewal' button to save all the details.
You will then see a success message to say the Renewal has been completed, and you'll want to click the 'Back to client record' button to return.
Once back on the client's record, you'll see a message at the top to say that you're all done.
If needed, you can look to review the KYC and Risk Assessment records by clicking on each option, however to download a copy use the arrow button to the right of the 'Completed' tag.
You can then close this window and head back to the contact's profile in the Contact Hub, where you can find all the updated information and assessments.
How to amend a renewal date
If you need to change the renewal date for a client, head into their profile in the Contact Hub and under the KYC & Risk Assessment section there is a 'Actions' button button on the far right. Click this button and then click 'Change renewal date'.
This will then load a window to allow you to set the necessary renewal date.
Click ‘confirm changes’ to save.
If you have any questions on the AML renewal feature, please reach out to us! 😃