Data, Identity and Provenance are key in today's market.
The challenges facing institutions are:
Legacy systems which cannot comply fully with legislation and are highly manual and therefore costly.
Staff errors which can be difficult to identify and therefore rectify in current systems.
Compliance legislation is growing in volume and the frequency with which it is issued.
Entrance of newer players in the market with lighter infrastructure costs.
IAMAML addresses these issues through:
Enabling compliance with the anti money laundering directive and General Data Protection Regulation through removal of personal information associated with transactions.
Faster, automated anti money laundering checks that are more convenient for both staff and customers.
Tracking of customer and administrator actions.
Inbuilt protection against staff errors.
Enhanced behaviour and relationship tracking.
Verifying fund provenance.
IAMAML is easy to integrate with existing systems and can be easily updated in the future.
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
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.
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 customer personal 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