Scribd
Upload
58 views4 pages

Omnitrack Use Case Aml Client Onboarding

Uploaded by

marohunt185
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
58 views4 pages

Omnitrack Use Case Aml Client Onboarding

Uploaded by

marohunt185
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

AML Client Onboarding

Simple best practice client due


diligence for a range of industries

www.vinciworks.com
Simple best practice client due
diligence for a range of industries

We had been using


”
manual forms for client due
diligence and risk
What is anti-money laundering?
AML is a framework of laws, regulation and procedures
designed to respond to the scourge of money laundering. An
important aspect of AML is client due diligence (CDD). This
assessments, which made it involves identifying clients, obtaining evidence to verify their
identity, and analysing their background and source of wealth.
difficult to track information
Depending on your jurisdiction and industry, you may be
held for each client. We chose required by law to undertake CDD, or you may choose to
Omnitrack because of its incorporate CDD procedures to avoid committing - or
simple and user-friendly facilitating - money laundering offences.
interface. The statuses and
reminders mean we can CDD and risk assessments
always see who is ‘holding A risk-based approach should be used to determine the level of
the ball’ for each client, and CDD to apply, with high-risk clients requiring more extensive
if information is missing or checks. This is why many organisations undertake risk
assessments prior to completing identity and verification
needs updating. checks. However, information discovered during the CDD
process can sometimes lead to an alteration of a client’s initial
Omnitrack will also allow us risk assessment. The results of risk assessments and CDD can
to create a digital process for (and should) influence each other.
client retainer letters.
Organisations using static forms to record their risk
We have been extremely assessments and conduct CDD struggle to address the complex
impressed by the way workflow requirements and the dynamic interplay between
these two vital AML components.
VinciWorks has helped us
customise the tool and
design a solution for our
Best practice industry guidance
requirements. The VinciWorks team worked with leading experts to create
best practice AML Client Onboarding forms for a range of
industry regulators and requirements.

• Law firms – LSAG guidance


• FCA-regulated firms – JMLSG guidance
Gordon Oldham, Senior Partner • Accounting firms
at Oldham, Li & Nie, a leading
• Non-regulated companies
Hong Kong law firm

www.vinciworks.com
Simple best practice client due
diligence for a range of industries

How Omnitrack can help


As specific risk factors differ, Omnitrack offers unique
workflows built for lawyers, accountants, FCA-regulated
firms and other industries, based on extensive research
into industry best practice and regulator guidance.

Key stages of Omnitrack’s client onboarding process:

▪ CDD: identify client entity and upload documents


▪ Analyse client’s source of wealth
▪ Confirm evidence used to verify client identity
▪ Risk assessment undertaken and preliminary risk level assigned
▪ Admin review: confirm CDD level, review red flags, and assign final risk level

Compliance Problem Omnitrack Solution

1 AML regulatory
guidance is dense
Prebuilt workflows for a range of regulated and non-
regulated industries ensure best practice out of the box

2 Determining correct
CDD is difficult
CDD requirements adapt dynamically according to the
type of client entity, jurisdiction and risk level

3 Client onboarding
process is laborious
Automations and intuitive workflows help internal staff
and clients move swiftly through the onboarding process

4 Static risk scores do not


adequately assess risk
The risk-based approach is baked into the workflow with
logic to determine risk levels across a range of factors

5 Ongoing monitoring
slips through the cracks
Reminder emails and automations trigger reviews for
high, medium & low risk clients on appropriate schedules

6 ID documents are
received piecemeal
Omnitrack records data, decisions and supporting
documentation in one searchable register

7 Evidencing AML
procedures is hard
Built-in audit trails and compliance timelines tell the full
story and keep regulators happy with your process

www.vinciworks.com
About Omnitrack
Compliance done your way
Omnitrack allows businesses to manage data collection, follow-up, approvals and reporting,
all from one centralised portal. With ultimate flexibility and a best-in-class intuitive interface,
you have complete control over your workflows.

Integration with your systems


Omnitrack is a modern web-based software built for flexibility and integration into your
existing infrastructure. A robust REST-based API facilitates integration with ERP systems, HR
systems and any other data-driven software in use.

Step-by-step implementation
Implementation of Omnitrack is guided by the VinciWorks support and implementation team.
The team will provide a detailed action plan and will guide you on best practice in designing
your workflow, technical implementations and on internal communications strategies.

Security by design
VinciWorks is ISO/IEC 27001 certified with full scope of certification covering all development,
hosting and customer support activities worldwide. Omnitrack is security tested by third party
experts at least once a year.

Your choice of hosting


Omnitrack is offered as a cloud-based SaaS solution on Amazon Web Services infrastructure,
with your choice of data location. Hosting on premises is also available via VMWare images.

About VinciWorks
We are on a mission to reinvent the impact that compliance tools can have. We strive to solve real
compliance challenges through training, reporting and tracking solutions that are complete and simple to
use. We want to change the status quo – that compliance is a tick-box exercise with no real business value.

We understand that every organisation has different compliance needs based on their industry, size, risk
profile and country. That’s why we put an emphasis on relevance in all of our products.

VinciWorks is a leading provider of compliance training and reporting and tracking software and offers
hundreds of free compliance resources online. Visit our website or contact us to find out more.

Contact Us
www.vinciworks.com
[email protected]
+44 (0) 208 815 9308

www.vinciworks.com

You might also like