Dear compliance professional,
First of all, we would like to wish you a HAPPY NEW YEAR, filled with success and prosperity!
The beginning of a new year always brings new opportunities and reflection on the past year. We feel that maybe this is a good moment to reassess the way you have organised your compliance structure. Perhaps 2020 is the year in which you decide to go paperless for your compliance files. In that case get in touch with our company COMPLIANCE INNOVATIONS. We can demonstrate you the possibilities our digital compliance software programme Raemonda has to offer for Wtt/Wwft/AML compliant organizations.
NEW DEVELOPMENTS: A DIGITAL ACCEPTANCE MEMORANDUM
We are constantly striving to further upgrade our comprehensive software solution. One of the developments we will finalize is an automated digital acceptance memorandum (AM). We aim to present that around the end of the first Quarter. This will further help you in demonstrating you are acting in accordance with Article 26.3 of the Wtt 2018.
HOLLAND QUAESTOR PUBLISHES GUIDANCE on Wtt18 and Wwft for Trust Offices
We mentioned in our previous newsletter that in October 2019 DNB published its factsheet Wtt 2018. Herewith we answer the most current questions that have been raised by compliance professionals since the implementation of the Wtt 2018.
Holland Quaestor, the association of trust offices, also published a 53-pages Guidance. In this guidance they “address a number of the most pressing interpretation issues for its members and for other trust offices in order to offer practical guidance for analysts, compliance officers and directors”.
DNB & ISI-QUESTIONNAIRE
In its newsletter to trust offices of 17 December 2019, DNB announced that the ISI questionnaire for trust offices is currently being revised.
Did you know that our compliance programme RAEMONDA can reproduce the ISI-questionnaire for you, on the basis of the compliance files you entered digitally into the system? We reduced this normally time-consuming process to a simple reporting tool in Raemonda.
THE IMPORTANCE OF DIGITAL TRANSACTION MONITORING
We can upload transactions in our Transaction Monitoring tool through MT-940, csv-files or SEPA xml-batches. Some banks, especially foreign ones, are not able to produce the MT-940 format to be uploaded in our Transaction Monitoring tool. They do, however, offer the possibility to generate Excel-files. We made a few minor adjustments as to the field names in Raemonda so that they can be fairly easily transformed into a Raemonda-importable csv-file for uploading into Raemonda.
RAEMONDA, A PRODUCT OF COMPLIANCE INNOVATIONS B.V.
We develop our software in cooperation with various professionals. They are active in the financial sector in order to facilitate a compliance programme. We assist Trust Companies and other financial and administrative institutions to meet the compliance obligations with our programme. For instance in terms of Know Your Customer (KYC), anti-money laundering and counter terrorism financing in order to demonstrate that they have conducted their customer due diligence process in a proper way.
We include in our software the ‘Know Your Customer’ (KYC) and ‘Customer Due Diligence’ (CDD) functionality, Transaction Monitoring on both planned transactions and processed transactions checked against the cash expectations and non-cash expectations from the Transaction Profile, as well as an integrated Sanction Checker, Delegation Monitoring (both internal and external) and reporting tools (such as the annual Dutch National Bank ISI form).
The offices of Compliance Innovations are located in Amsterdam (sales and operations) and in Enschede (software development), the Netherlands.
If you have questions about our digital compliance software or if you would like to have a demonstration of Raemonda at your offices. Please fill out our contact form on our website or call us at +31 85 489 1829.