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Growing interest in digital compliance solutions

Dear compliance professional,

As we like to keep you updated as to compliance-related issues and new developments regarding Raemonda, our software solution for Wtt/Wwft/AML compliant organizations, we share some news items with you.

DNB PUBLISHES THE WTT 2018 FACTSHEET

With the arrival of the Wtt 2018 beginning of this year, the need to provide some elaboration as to certain aspects of this law has become greater, especially now that the differences between Wwft and Wtt 2018 have become smaller. DNB has therefore published its factsheet Wtt 2018, which answers the most current questions that have been raised by compliance professionals since the implementation of the Wtt 2018.

The factsheet Wtt 2018 exists in addition to the DNB Guidance on the Wwft and SW (version of April 2015 momentarily being amended) in which the previous version of the Wtt was also being dealt with. For further reading, please visit https://www.toezicht.dnb.nl/2/50-237880.jsp

Iceland on FATF’s Gray List

In its publication as to the Improving Global AML/CTF Compliance: On-going Process, the latest version dated 18 October 2019, the FATF announced Iceland as being added to the grey list of the Financial Action Task Force, FATF – a list of countries which have failed to take sufficient measures to combat money laundering and the financing of acts of terrorism. Other countries that were added: Mongolia and Zimbabwe. Ethiopia, Sri Lanka and Tunisia were removed from the list as they show considerable improvements.

GROWING INTEREST IN DIGITAL COMPLIANCE SOLUTIONS

We notice financial institutions are growingly interested in a digital compliance solution to replace their (partly) paper compliance files, a solution Compliance Innovations can offer them.

Compliance Innovations develops compliance software (“Raemonda”) focused on international anti-money laundering (AML) and Counter Terrorism Financing (CTF) regulations. In the Netherlands these are legally reflected in the Dutch Trust Offices Supervision Act 2018 (Wtt), the Anti-Money Laundering and Anti-Terrorist Financing Act 2018 (Wwft) and the Sanctions Act (Sanctiewet 1977).

Our programme is built on the basis of a client research questionnaire by which the user needs to complete questions based on the relevant AML-law. This to demonstrate he/she meets with the legal requirements arising from current anti-money laundering and counter terrorism financing acts. Not only in the Netherlands. Our software can be adjusted to meet anti-money laundering and counter terrorism financing acts in other jurisdictions as well.

Our software has been developed by various professionals with extensive knowledge of the applicable regulations laid down in the Wtt and Wwft.

Our software includes the ‘Know Your Customer’ (KYC) and ‘Customer Due Diligence’ (CDD) functionalities. Also Transaction Monitoring on both planned transactions and processed transactions checked against the cash expectations and non-cash expectations from the Transaction Profile. The programme with the clients’ data is automatically checked on a daily basis by the integrated Sanction Checker. Further Delegation Monitoring (both internal and external) and reporting tools (such as the annual Dutch National Bank ISI form) are part of the program.

The offices of Compliance Innovations are located in Amsterdam (sales and operations) and in Enschede (software development), the Netherlands.

COMPLIANCE INNOVATIONS IS EXPANDING ITS TEAM

In view of the growing interest in our product, we are pleased to announce that we welcomed our newest in-house developer to our highly dedicated team. He has gained software experience regarding Wwft-software applications, enabling us to further develop our software tool.

In order to expand our sales force, we have launched our sales vacancy through various channels. Should you know of the ideal candidate to fill in that position, please do not hesitate to let us know. The position can be accessed on our website link https://www.compliance-innovations.com/vacancies/

FURTHER INFORMATION

If you have questions or if you would like to have a demonstration of Raemonda at your offices, please send us an e-mail to info@compliance-innovations.com or call us at +31 85 489 1829.

Incorporation “transaction monitoring Netherlands”

1September 2019, five Dutch banks  decided to incorporate a new institute operating under the name “Transaction Monitoring Nederland”. The joining Banks,  ABN AMRO, ING, Rabobank, Triodos Bank and the Volksbank will step up their efforts to battle money laundering  by monitoring  all payment transactions. The five banks alone cover at least 27 million transactions per day. Raemonda, a software solution for Trust Companies, provides for an enhanced transaction monitoring module.

DNB: COMPLIANCE FUNCTION LESS EFFECTIVE DUE TO MISSING OR INCOMPLETE REPORTS

The Dutch Central Bank (DNB) announced this month that the compliance reports from Trust Offices are often deficient or even lacking. This detracts from the effectiveness of the compliance function.

During investigations, DNB has found that compliance reports are missing or contain mainly numerical information. DNB is of the opinion that this affects or can affect the effectiveness of the compliance function. The compliance software of Compliance Innovations, Raemonda, provides for automated reporting for trust offices compliant to WTT or WWFT. For further reading, visit the news section at www.dnb.nl

COMPLIANCE INNOVATIONS AND RAEMONDA

Compliance Innovations develops compliance software focused on international anti-money laundering (AML) and Counter Terrorism Financing (CTF) regulations. In the Netherlands these are legally reflected in the Dutch Trust Offices Supervision Act 2018 (Wtt), the Anti-Money Laundering and Anti-Terrorist Financing Act 2018 (Wwft) and the Sanctions Act (Sanctiewet 1977).
Our software has been developed by various professionals active in the financial sector in order to facilitate a compliance programme that assists Trust Companies and other financial and administrative institutions to meet the compliance obligations 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.
Our software includes 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.

 

Anti-Money Laundering (AML) and Transaction Monitoring

AML and Anti-Terrorist Financing (ATF) Acts

Our compliance software tool Raemonda is based on a questionnaire. Upon completion of this questionnaire you completed a file on your client or object company that reflects your knowledge about the structure and for which purpose the structure has been set up, the UBO’s and your companies’ risk assessment of the client or object company.

In line with the legislative changes: the 5th EU AML directive, the Dutch trust offices supervision act 2018 (Wtt) and the Dutch AML and anti-terrorist financing 2018 act (Wwft) we have updated our questionnaire.

Transaction Monitoring

Furthermore we have upgraded the transaction monitoring tool. You can now enter multiple own bank accounts per file, on the basis of which you compile a transaction profile with both cash and non-cash expectations and all file related contra bank accounts. All processed and planned transactions per file are checked against the entered cash expectations. If a transaction cannot be matched with an expectation the transaction is marked as unexpected. Either you then link it manually to an existing expectation or a new expectation needs to be made. We are constantly working on keeping Raemonda up-to-date. This saves your company a lot of time and assists you in meeting the legal requirements. In other words: your company is in control.

New client acceptance file (adapted to Wtt 2018).

New client acceptance file (adapted to Wtt 2018)

Now is the moment to replace your hard-copy client files with Raemonda, our user-friendly digital compliance information system, as we have adapted our client acceptation file to the Dutch 2018 Trust Offices Supervision Act (Wtt 2018). With the build in sanction checker and transaction monitoring tool you’re always up-to-date and in control.

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