Avid AML
Welcome to Avid AML Software product walk through.
Scroll through the page to learn more about the product. We start with an overview and then review each feature associated with the application.
Be sure to scroll chronologically or you may miss out on some important information.
Avid AML Digital OnBoarding can be initiated via the Avid AML interface or when an internal trigger, like customer registration, activates the API to issue the invitation.
Watch below how easy customer onboarding is.
The customer has completed their digital onboarding and the information is now stored within the application.
Looking at the Identity Section we can see the customer has provided identifying information including:
This information can be edited by selecting the edit button.
Reporting entities should understand and, as appropriate, obtain information on the purpose of relationship with their customers.
Understanding the purpose of the relationship assists with determining risk, investigating transactions and monitoring.
This provides compliance managers or investigators with a quick reference point to determine if the customers stated use is different from actual activity.
Avid AML digital onboarding requests the user complete this at time of onboarding.
Nature and Purpose of The Relationship - Assessing Money Laundering or Terrorist Financing risks.
Financial institutions and Designated Non Financial Businesses and Professionals (DNFBPs) should take appropriate steps to identify and assess their money laundering and terrorist financing risks for customers considering:
Without the right tools screening can be cumbersome, time consuming, increase labour cost and can be fraught with risk in itself.
An effective adoption of technology should include expertise from operations, compliance and technology to refine alert identification.
Nature and purpose of the relationship will influence customer risk level and determine if additional enhanced due diligence is required.
Setting the customer risk level will depend on many factors and should not exclude the responsible persons input. Automating risk setting may limit human expertise and practical knowledge from contributing to assessing customer risk.
Setting customer due diligence level is important. It informs other users or investigators the level of due diligence performed on this customer.
The three levels of risk should include:
The firms Policies, Procedures and Controls (or the AML Program) should guide you though the thresholds and requirements for each level of Due Diligence required.
The Financial Action Task Force: outlines regulated entities are required to determine the extent of Customer Due Diligence measures undertaken, using a risk-based approach.
Regulated entities, when establishing business relations with a customer, are required to identify the customer, and verify the customer’s identity, using reliable, independent source documents, data or information.
Now we have considered:
We are able to complete the user profile.
We will set the risk to low risk, and,
We will now mark the status as active to confirm the compliance manager is satisfied with the onboarding process.
We hope you enjoyed the demonstration of Avid AML. If you have any questions please let us know by utilising the support feature.
We look forward to speaking with you.
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We will contact you to follow up on the demonstration offering additional service, support and the opportunity to engage.