Data, Identity and Provenance are key in a globalized market place in the technological era.
Most financial institutions, including wealth and asset managers, banks and transfer agents are using “legacy” technology which is:
Not compliant with anti money laundering and data protection legislation
New legislation together with the entrance of newer players in the market are forcing institutions to update systems.
Compliance legislation is growing in volume and the frequency with which it is issued.
Data Protection, Customer Identification and AML checks and provenance and tracking of funds are facilitated by IAMAML.
IAMAML is an integrative solution facilitating compliance with client monies regulations, anti money laundering directives and data protection regulation such as CASS, AMLD and GDPR.
Client funds can be identified and protected enabling CASS compliance and easier reporting.
Personal information can be deleted without adversely impacting retained transactions
Reduction in both cost and risk of compulsory AML processes
Visual depictions and list depictions of relationships between persons at up to 9 steps removed (further tracking of relationships is also possible if specialist checks need to be made).
IAMAML was born from a collaboration between lawyers who have worked on the pertinent commercial and legal issues over the past decade and PhD students and Professors at Imperial College who had tackled the component technical issues
required to solve this problem. Members of the team have worked inside organisations addressing these problems cross jurisdictionally and cross departmentally over sustained periods of time and this has impacted the build.
Data and compliance issues dealt with by team members include:
Complex data issues such as data exchange under HSBC’s monitorship following the deferred prosecution agreement with the US Department of Justice,
Screenscraping of data (inc IP issues) Ryanair/Odigeo,
Data transfers in payment processing,
GDPR programs and AML And regulatory compliance for retail banks, wealth managers, asset managers and transfer agents.
Technical issues dealt with include:
Assessing relationships between all data entrants (a feature we do not believe exists elsewhere)
Separating personal data from transactional data without system compromise
Tracking of fund provenance
Born of a frustration while advising financial institutions that many organisations were scaremongering to sell solutions but failing to deliver (either technically or legally) IAMAML was born from “it’s easier to do it ourselves then to work with what’s out there when on close analysis none of it was meeting client expectations.”
Control of their data
Speed of onboarding
Centralisation of managing their accounts and profile
Better assurances of care of their data through the transfer cycle
Saves time verifying and onboarding customers
Centralisation of customer information
Easier to comply with legislation in particular regarding transfers and deletion
Better able to assess AML risk
and relationships between connected parties
Centralisation of their activitites
The fundamental technical challenges such as assessing connecting parties
(a considerable challenge at scale) and data deletion have been solved.
There is a working product that can be expanded and adapted to suit customers needs.
It is estimated that 6 months of trial time would be needed to have fully tested and
demonstrated all capabilities and applications as well as to adapt and improve on certain features
that may benefit specific customers‘ businesses.
For the first 3-5 customers the team is prepared to work very closely and in a bespoke
fashion with the customers.
The existing product is more advanced than others available in the market and, in collaboration
with financial institutions can solve the problems which those institutions are currently presented with, together with achieving economies which should mean that the net impact of implementation
is cost saving to the relevant institution.