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Below we reference KYC (Know Your Customer) questions that have been stored in BFS. These are commonly stored as custom fields using the KYC_ prefix before the name of the KYC question or stored as a JSON object. Further down in this document At the following link Suggested KYC Questions we have a suggested naming convention for storing KYC questions and answers, however, within the AML Manager you can define your KYC Question names that you have used. |
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AML Flag ID | Group | Description |
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1.1 | 1 | A customer (Legal entity) that has entered a KYC answer to a KYC question that they will save more each month than their gross income per month. |
1.2 | 1 | A customer (Legal entity) that has entered in KYC question an amount for the monthly savings amount where it does not agree with what they have entered that they will invest each time. Here we are looking at the range stored for capital to invest and reading the upper value and then multiples the monthly savings amount by 12 months to check if this is above the maximum capital to invest level. |
1.3 | 1 | A customer (Legal entity) that has entered in KYC question for starting amount that is larger than X % of the entered amount for total assets. |
2.1 | 2 | A customer (Legal entity) that has entered in KYC question for monthly savings an amount that is larger than X. |
2.2 | 2 | A customer (Legal entity) that has entered in KYC question for starting amount that is larger than X. |
3.1 | 3 | A customer (Legal entity) has made total sum of deposits during the month that are above X or 6 x GrossMonthlyIncome, whichever is higher. |
3.2 | 3 | A customer (Legal entity) has made total sum of deposits during the month that are above X. |
3.3 | 3 | A customer (Legal entity) has made >= X number of withdrawals during the month. |
3.4 | 3 | A customer (Legal entity) has made X number of withdrawals per month during the last X number of months. |
How will the AML Alerts show up?
AML Alerts are by default being created within BFS as Tasks that can be either manually worked at or automatically handled by another application. Alerts could also be generated for E-mail or for example JIRA.
Within BFS the task will show up looking like the following example in the task list.
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By clicking on the task we will navigate to the customer and the full details of the alert will be shown.
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From here we can click on the action menu and edit the task to assign it to ourselves and update the status to In Progress for example. We can also add attachments to the task which might be needed during the investigation.
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This is how the edit screen looks.
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How will any errors be reported?
Inevitably there will be errors somewhere along the way, maybe customers have registered and KYC questions has been missed or the data is not correct for any other number of reasons. At the end of each scan a report will be generated containing detailed information about each customer and why an error was generated. This report can be delivered as an attached file for example via e-mail or as a Jira issue.
An example of the file looks like this.
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Adding more flags and groups
More flags and groups can easily be added to the AML Manager and we are here to help, please get in touch with us to discuss your needs.