KYC-Chain is excited to announce a new ongoing AML monitoring feature integrated with our customer onboarding platform.
Global KYC AML regulations require all Financial Institutions (FIs) and Virtual Asset Service Providers (VASPs) to carry out proper customer due diligence as part of their Customer Identification Program (CIP). This includes identity verification and a sanction, PEP, and adverse media screening on all retail customers and corporate/institution clients.
But to remain compliant, companies also need to regularly update client records to ensure customers do not pose a new or increased AML risk. AML monitoring is the process of keeping a regular check on all customers, ensuring any changes to their status that could result in a new or increased risk are identified and acted upon.
With KYC-Chain’s AML Monitoring tool, companies can quickly and easily configure their ongoing monitoring to carry out AML checks of onboarded customers at customized frequencies (daily/weekly/monthly/quarterly/annually) based on risk levels (low/medium/high). This allows businesses and their compliance teams to have current, consistent, and accurate reports on customers’ risk profiles.