Monthly newsletter (remote working, ISI questionnaire, Wwft, AML)

Dear compliance professional,

In this monthly newsletter (remote working, ISI questionnaire, Wwft, AML) we want to inform you about some new developments.

First of all, we hope that you and those dear to you are safe and healthy.

In these COVID-19 times, we are all forced to make a number of changes in our daily routine, both in our private and professional life.

Remote working

Remote working becomes more and more important. That is what we are all learning the hard way. Not only now during this terrible crisis, but in general as well. In the future, remote offices such as office spaces at home or “floating” workspaces throughout your office or outside, will become more and more important. On-line solutions are already in place in many sectors of a vast variety of industries, even so in the financial service industry.

Our Raemonda Smart Software Solution for financial service providers is such a SAAS (Software As A Service) solution for the CDD/KYC client acceptance and review process. Through our solution, you and your colleagues can simultaneously work on your compliance files from anywhere where you have access to the internet, in a safe and secure manner. With our built-in sanction checker, our transaction monitoring tool, our vast reporting possibilities and many, many more features, you will be safe and secure, and you and your teams can simultaneously work remotely, any time of the day.

2019 ISI-Questionnaire

At the end of March, DNB has made available the Institution Specific Information questionnaire (ISI questionnaire) to all trust offices.

Due to the considerable changes in this ISI questionnaire and the Corona restrictive measures taken by the government. The deadline for filing has now been extended to June 15, 2020.

In our compliance programme RAEMONDA we have automated the ISI-report as much as possible, on the basis of the compliance files you entered digitally into the system. Due to the considerable changes in the report, we have been working on updating the ISI-reporting tool in Raemonda. We strive to make this functionality available to our customers in the coming weeks.

Act Implementing the Fifth Anti-Money Laundering Directive & Draft Repair Act Financial Markets 2020

On 21 April 2020, the Dutch Minister of Finance submitted the Draft Repair Act Financial Markets 2020 (Wetsvoorstel Herstelwet financiële markten 2020) to the Dutch Parliament (Tweede Kamer). This Act aims to repair deficiencies and omissions that have occurred in the implementation of European directives and regulations in the field of financial markets. This is a direct consequence of the Act Implementing the Fifth Anti-Money Laundering Directive which was adopted on 21 April 2020 by the Dutch Senate. The implications on our compliance software program will be assessed and implemented in due course.

Source:

https://www.rijksoverheid.nl/documenten/kamerstukken/2020/04/21/wetsvoorstel-herstelwet-financile-markten-2020

https://www.eerstekamer.nl/verslagdeel/20200421/wijziging_vierde_anti_2

Wwft Client Acceptance now available for a broader scope of financial service providers

With RAEMONDA’s newest release, COMPLIANCE INNOVATIONS has made an available an up to date Wwft Client Research questionnaire for financial institutions under the scope of the Wwft (The Dutch AML/CTF act).

Raemonda contains several client acceptance & review lists for both Wtt and Wwft that are compiled with the utmost care based on the legal requirements.

With Raemonda, the user is completely in-control and up to date as we offer the user a handle to comply with the laws and regulations on CDD & KYC for both Wtt & Wwft in a transparent and efficient way.

Another important feature within the Wwft is Transaction Monitoring. Raemonda supports in the process of recognizing and assessing potentially unusual transactions. This is for both Cash and Non-Cash, to prevent money laundering and terrorist financing. Information can be assessed both qualitatively and quantitatively.

Is your financial institution ready to go paperless in your CDD/KYC client acceptance and review process? Are you ready to perform digital transaction monitoring?

Learn more about how RAEMONDA deals with CDD/KYC and transaction monitoring on our website or contact us directly at + 31 (0) 85 48 91 829 or info@compliance-innovations.com

For those of you who are forced to work at home and cannot participate in a 1,5-meter distance meeting on-site, we can easily organize an online demo e.g. via TeamViewer.

Monthly newsletter (remote working, ISI questionnaire, Wwft, AML)

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