FACEBOOK RONALD
ALMEIDA 09OUT2019
SANEAMENTO
BÁSICO DO SISTEMA BANCÁRIO BRASILEIRO. PARTE 4.
COMO OS BANCOS PRIVADOS E PÚBLICOS (INCLUINDO O BNDES
E O BNDESPAR, CEF, BB, BANCO NORDESTE etc.) PODEM MELHORAR SEUS SISTEMAS DE
CONTROLE INTERNO E EXTERNO E IMPEDIR A CORRUPÇÃO SISTÊMICA.
MAIOR TRANSPARÊNCIA, TECNOLOGIA E EDUCAÇÃO PARA
AMPLIAR E APRIMORAR O CONTROLE SOCIAL SÃO INDISPENSÁVEIS. URGENTES
TEXTO EM INGLÊS.
ENHANCED DUE DILIGENCE FOR BANKS AND
FINANCIAL INSTITUTIONS: KYC & AML RECOMMENDATIONS
[15aug2019]
Source:
JUMIO; BY DEAN NICOLLS; AUGUST 15, 2019
Acesso RAS 2019-10-09
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Source: JUMIO; BY DEAN NICOLLS; AUGUST 15, 2019
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[1] [THE JUMIO
APPROACH]
In today’s
business and regulatory climate, a business should not only be concerned with
making profits — it should also attempt to know who it has business dealings
with.
This means identifying and verifying customers’ identities and meeting
KYC guidelines. When a
financial institution creates a new business partnership with individuals or
organizations without fully knowing their past and present business dealings,
it can expose them to hefty lawsuits and regulatory fines.
In fact,
over the past 10 years, regulators across the U.S., Europe, APAC and the Middle
East have levied nearly $26 billion dollars in financial penalties against
financial institutions for AML/KYC and sanctions-related violations (Source:
Fenergo, 2019).
But KYC compliance goes
beyond ticking some regulatory checkboxes. KYC helps financial institutions
better understand and serve their customers and their unique needs. Before
exploring the non-compliance benefits of KYC, let’s set the stage and review
some key definitions and processes that make up KYC.
The KYC
process is usually carried out by financial institutions when opening new
accounts with online users. Inherent within KYC is the notion of customer due diligence
(CDD) which usually involves background checks to assess the risk they
pose, before dealing with them. In the financial sector, this usually involves
vetting the user for creditworthiness and ensuring that they are not on any
money laundering or counterterrorism financing watchlists.
The good news is that much of this vetting and AML screening has now
been automated to ensure they’re “sponge worthy” (for you Seinfeld fans) in
minutes.
With customer due diligence, financial institutions are performing
important checks, but they’re not validating that the person purporting to be
John Q. Public is, in fact, John Q. Public — and that John Q. Public is not on
any government watchlists or poses a significant credit risk. This is the domain of enhanced
due diligence.
[2] WHAT IS
ENHANCED DUE DILIGENCE?
Enhanced due
diligence (EDD) is a KYC process that provides a greater level of scrutiny of
potential business partnerships and highlights risk that cannot be detected by
customer due diligence. EDD goes beyond CDD and looks to establish a higher
level of identity assurance by obtaining the customer’s identity and address,
and evaluating the risk category of the customer.
Enhanced due
diligence is specifically designed for dealing with high-risk or high-net worth
customers and large transactions. Because these customers and transactions pose
greater risks to the financial sector, they are heavily regulated and monitored
in order to ensure that everything is on the up and up.
There are
several characteristics that distinguish EDD from regular KYC policies:
Rigorous and
Robust: EDD policies must be “rigorous and robust” which requires
significantly more evidence and detailed information.
Detailed
Documentation: The entire EDD process must be documented in detail, and
regulators should be able to have immediate access to enhanced due diligence
reports. This demands more scrutiny when it comes to how data is captured and
validating the reliability of those information sources.
Reasonable
Assurance: EDD requirements call for “reasonable assurance” when
calculating a KYC risk rating. This means that the professionals responsible
for making a “go” or “no go” decision must have completed all the necessary
research steps and exercised professional skill and care in reaching their
judgment.
Special
Attention for PEPs: Special attention must be paid to politically exposed
persons (PEPs) — they’re viewed as being a higher risk because they are in
positions that can be potentially abused for money laundering.
One of the challenges with EDD is knowing how much information about a
customer is necessary to collect. Regulators have consistently favored approaches where financial
institutions leverage documented policies and procedures (e.g., automated AML screening) that provide
sufficient assurance while also enabling regulators to electronically audit
decisions made by banking officials.
Increasingly companies are combining online identity verification and
AML screening during the account onboarding process — effectively killing two birds with one stone — within a
single, automated solution.
Short
Commercial Plug: Jumio has embedded ComplyAdvantage’s
automated watchlist/PEPs screening and monitoring into its
online identity
verification dashboard to create one central place for giving
financial institutions the ability to drill down into specific sanctions
matches for a streamlined compliance review.
This means customers can leverage a single dashboard for identity
verification and watchlist, adverse media and sanctions screening and be
immediately alerted if there’s a watchlist, PEPs or adverse media hit.
[3] EDD: BEYOND
REGULATORY SCRUTINY
So, what’s
in it for the bank or financial institution beyond avoiding painful fines and
unwanted regulatory scrutiny?
1. Better Serve Your Customers
The EDD and
identity verification processes yield a bunch of useful information about your
customers, including employment status, age and purchasing power which can be
repurposed to offer bespoke solutions to better serve their needs.
2.
Enhance your Own Brand Reputation
When you
properly screen your customers with EDD, you can help prevent dirty money —
money from corrupt politicians, criminals and terrorists — from sneaking into
your ecosystem.
This means taking the necessary precautions to know your customer at a
more fundamental level — not just their company name and where they do
business, but who owns the entity, the actual beneficial owner. Building in the necessary
safeguards will help defend against fraud loss, compliance fines and loss of
reputation.
3. Deter Financial Crime
The idea is
that knowing your customers — verifying identities, making sure they’re real,
confirming they’re not on any prohibited lists and assessing their risk factors
— can keep money laundering, terrorism financing and more run-of-the-mill fraud
schemes at bay. The ounce of prevention lets you focus more on business growth
because more business is carried out within a positive legal climate.
4. Build Trust
Sadly, trust
is evaporating quickly. As cybercrime headlines continue to break, banks need
to focus not only on halting the flow of money laundering and corruption, but
also on being seen as scrupulous custodians of their customers’ data and cash.
Adopting KYC and EDD processes also telegraphs to your customers, and
prospective customers, that your focus is on lawful business.
Thanks to emerging identity verification and screening technologies, banking customers can now identify themselves from anywhere in the
world. But, if
banks are to be sure the process of remote verification is failsafe so that
funds — and sensitive data — are protected, they need to be a step ahead of
every technological development and every hack.
*********************************
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RONALD DE ALMEIDA SILVA
Rio de Janeiro, RJ, 02jun1947; reside em São Luís, MA, Brasil desde
1976.
Arquiteto Urbanista FAU-UFRJ 1969-1972.
Especialização em Desenho Urbano e Planejamento Regional (Universidade
de Edimburgo, Escócia, 1981-83).
Registro profissional (1972-2012 = 40 anos) CREA-RJ 21.900-D
Registro profissional (2013 em diante) CAU-BR A.107.150-5
Ouvidor Nacional
das Competições da CBF (2003-2012)
Inspetor do GT e da
CNIE - Comissão Nacional de Inspeção de Estádios da CBF (2004-2012)
e-mail: ronald.arquiteto@gmail.com
Blog Ronald.Arquiteto (ronalddealmeidasilva.blogspot.com)
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