How it works
Using PCV Digital Assistant
Company Compliance Officers often struggle to obtain information from end clients. With the PCV Digital Assistant you can incorporate onboarding of clients as part of a natural business flow. This makes life easier for your sales team and for your compliance team leaving you to focus on your business.
Once our technical team sets up your personalised area on the PCVdigital platform, you are in control. You just need your client’s email address, then you can send a personalized invitation to them to click through and upload their information in a secure account. The data is not shared beyond your client and you.
Our advanced search and validation tools scan the clients information across multiple data sources, scanning to validate the client’s ID and other information, to give you the information you need to approve them. If a further review is suggested by the Digital Assistant, you can ask the client for more information. All this is logged in the platform, giving you complete control of your compliance process, and the evidence base you need to meet the regulatory requirement.
Taking the risk out of your business to meet the requirements
Confusion often arises regarding the difference between KYC and AML. They do refer to some of the same requirements, but KYC is a subset of all AML requirements. AML refers to all regulatory processes in place to control money laundering, fraud and financial crime. KYC is the risk-based approach to customer identification and verification that forms part of AML requirements.
KYC is the essential starting point for AML compliance for your business. KYC is the process of verifying a customer’s identity and enabling you to make an informed judgement about your customers. If your customer is a business then it is important that you understand who the beneficial owners of that business are. For all your customers, its important that you demonstrate that you have made checks to validate the information.
AML has a wider function that aims to prevent the laundering of money and financing of terrorism. It is important that your business demonstrates effective AML processes including a risk evaluation approach for the transactions that you are involved in. Your AML processes should include customer screening at onboarding, identifying politically exposed persons (PEPs) and whether any customers is on a sanction list, enhancing the due diligence for higher risk customers, understanding the source of funds, and making ongoing assessments to demonstrate how you are evaluating and managing risk. Managing your KYC and AML processes consistently ensures that your business is compliant with regulation.
For effective KYC and AML, you must collect and hold information about your customers. This means that as well as managing your compliance with these regulations, you must also consider General Data Protection Regulation (GDPR). Your business must ensure that the information about individuals that you hold and share (whether internally or externally) is necessary for the purpose for which you are sharing it, is shared only with those people who need to have it, is accurate and up-to-date, is shared in a timely fashion, and is shared securely. Your customers have a right to know about the information you hold, and the legal basis for which you process that information.
PCVdigital provides an effective solution to the compliance requirements for your business, and we work with you to help you embed effective processes using our services
