Anti-money Laundering (AML) and Know-Your-Customer (KYC) Modules
What are these?
The AML/KYC Module is an interface to be integrated in your onboarding process, in your management software and/or CRM package which ensures that your policies and procedures are compliant and up to date.
It is dynamic which means that updates will be carried out across all your tech channels when the law changes.
We cover all the ins and outs of AML/KYC compliance, and report to you so you can make your own decisions.
Who knows better than an entrepreneur or solo-entrepreneur that things can go wahooni shaped? We got you covered even then.
There are four levels of service available with the Anti-Money-Laundering and Know-Your-Customer (AML/KYC) Module:
- I know what I am doing package. Your processes are AML/KYC compliant and your files complete, but you have some older contracts in your files which are not. We can clean up your recordkeeping and bring those incomplete files up to date.
- I know what I should be doing package. Are you ready to professionalize your onboarding processes but don’t know where to start? Are you searching out the UBO by hand and checking the sanctions list yourself or do you have a patchwork of subscription to databases for business intelligence? We can standardize your processes to get things up and running and keep them going smoothly
- I have no time for this package. Do you know you need to comply but keep putting it off till tomorrow? Are you frozen in indecision and so at risk if an audit occurs or a disgruntled client objects to your handling of their data? This package includes installation, consultation, and maintenance to lead you through the chaos.
- I am facing an audit package. Are you facing an audit or do you already have complaints about how you handle customer data? Contact us for an offer that won’t break the bank.
Once your coworkers have been through the onboarding process, appropriate monitoring is easy and inexpensive. And once they are verified, they can take that verification to any other European Coworking Assembly space.
Coworking has moved in response to the global crisis in the direction of including virtual officing and officing on demand.
As tech connects businesses and consumers across the barriers of language and distance, it creates a world of unprecedented economic opportunity. It shows us that it really is about more than the desk, it’s about the connection, however that connection is achieved.
Let’s be real.
It also significantly increases the risk and complexity of doing business across Europe and the rest of the world.
We can do new things
Fully online relationships are like offline relationships: it is important to know who you want to have a relationship with.
It is vital to have a process to identify, analyse and understand exactly who we’re doing business with
specifically to abate the international threat of terrorism and financial crime.
This is legally required as well as wise, both in Europe and the US, under the Know Your Customer (KYC) regulations, as well as various Anti-Money Laundering (AML) directives.
The purpose of the AML/KYC regulations are to require businesses in certain gatekeeping functions — banking, accounting, law, real estate — to go through a process of verifying the identity of clients and assessing them objectively, and to analyze the potential risks of illegal intentions and bad actors.
You do not want to have bad actors threatening the community you have worked so hard to build; but they don’t wear a sign that says “I AM A BAD GUY”.
Onboarding is hard to get right, finding the balance between personal contact and automated processes can be a struggle. Add the requirements of the AML/KYC regulations, which involve asking quite a lot of very nosy questions and it becomes even harder.
Now the European Coworking Assembly has partnered up with Exodus, the secure platform to conduct financial transactions, to bring you the AML/KYC Module. Exodus is a platform focused on Transparency and security, fully verified and regulated within Europe, the UK, and the US, and is dedicated to creating innovative solutions enabling freelancers, small businesses, and medium businesses to grow and do business in a competitive environment.
Coworking spaces should have the tools to consistently deliver the kind of onboarding experience that their coworkers expect and deserve, and to be sure that the community is safe. We believe in bringing this technology to every budget, every community, in every country in Europe and have focused on simplicity and transparency without ever compromising on compliance.
Using our module, your coworkers can provide the relevant documentation needed at the time and place that best suit them and through their preferred channel. They can get it done easily and efficiently, you have peace of mind.
Now the European Coworking Assembly has partnered up with Exodus
the ecosystem for financial institutions, to bring you the AML/KYC Module. Exodus is dedicated to creating quality services and innovative solutions enabling freelancers, small businesses, and medium businesses to grow and do business in a competitive environment.