Enhanced Due Diligence

The key to really knowing your customer

 

Our EDD/KYC processes are, probably more than anything else, what makes Choice able to work compliantly and safely with regions that others are forced to shun. Knowing our customer beyond the bounds of what was previously possible has been our principal development focus since we started out. After payroll, investment in EDD/KYC technologies remains our second highest outlay.

But technology is a servant, not a master. Ultimate decisions are made by our highly qualified MLROs, based on a bank of information provided by best-in-class systems. It's this balance of cutting-edge technology and profound human experience that makes opportunities happen.

 
 
 

Best-in-class compliance

 
 

system controls

System Controls

Every actor in every application is subject to close scrutiny before any transaction can go ahead. Our systems consult more than a dozen recognised authorities for sanctions, PEPs, ineligible firms, FATF reports and more, in addition to our own ever-growing lists. We maintain a secure database of over 60 MSBs, keeping track of individual payments and giving an unmatched view of system-wide risk.

 

monitoring tools

Monitoring Tools

We use best-in-class tools such as the Stelapoint platform to monitor transactions for possible AML/ATF activities. Real-time alerts are generated, and risk trends intensively analysed over extended periods. We drive a risk-based approach through risk-assessment algorithms to grade each transaction's risk level. Our AML analytics and screening are driven by the ComplyAdvantage gateway platform.

 

Client training

Client Training & Auditing

We encourage our clients to play an active part in maintaining safe, secure payment rails. This includes comprehensive training programmes, customised for each client. We run regular workshops, as well as telephone and on-site support. On request, we provide regular external audits to ensure robust compliance. It's an evolutionary process that keeps our clients protected and compliant in a changing landscape.

 

Upstream dialogue

Pro-active upstream dialogue

Our AML/ATF ledgers provide an immutable audit trail for every transaction and facilitate constructive dialogues with regulators. We communicate regularly with banking and fund processing partners such as the Post Office, co-operating to ensure ongoing compliance and ever-improving security. We liaise with World Bank, Bank of England, and government departments such as HM Treasury, HMRC and DFID.

 
 
 
 
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