Know Your Customer(KYC): Know Your Customer is the process of verifying the identity and integrity of customers. European regulations require this verification in order to prevent corruption, money laundering, tax fraud and the financing of terrorism (AML-CFT). Changes in the regulatory framework (EBA, Sapin 2, AML-CFT, etc.) require certain institutions to extend their Know Your Suppliers(KYS) program.
KYC remediation: KYC remediation involves updating, cleaning up and periodically reviewing the information you hold on your customers. You hold your customers' information in documents such as IDs, KBis or any other required document. This data needs to be regularly updated in line with the regulations in force in your industry and the level of money laundering risk assigned to your customer based on his or her information. AP Solutions IO screening tools fully automate this process, filtering information across millions of records (see list quality).
AML-CFT The fight againstmoney launderingand terrorist financing. With the constant evolution of regulations, this has become a major concern for companies, which are subject to heavy fines in the event of non-compliance, and can engage the criminal liability of company directors.
- Before entering into a business relationship: obligation to identify the " Beneficial Owner"; even for an occasional customer, and to screen the lists of Global/Regional Sanctions, Assets Freeze, Politically Exposed Person, RCA Relatives and Close Associates, Unfavorable Media, identification of countries and currencies under embargo...
- Throughout the business relationship: the third-party repository must be constantly updated, and any change in information (such as an IBAN change, company closure or merger, PEP, RCA exposure, etc.) must lead to a new verification by the teams in charge, so daily screening is a must.
- At the end of the business relationship: once the Ultimate Beneficiary's account has been closed, all related documents and information must be archived for a period of 5 years.
AML (Anti-Money Landering): The term anti-money laundering, or AML, refers to laws, regulations and procedures designed to combat financial crime. Although anti-money laundering laws cover a limited range of criminal transactions and behaviors, their implications are far-reaching, covering all types of business today, far beyond financial services alone.
LAC : WrestlingAnti-Corruption, Fight against corruption. The Sapin 2 law requires companies with at least 500 employees to implement preventive anti-corruption measures, yet 70% of companies claim to have set up preventive measures, according to a survey by the French Anti-CorruptionAgency(AFA). The AFA survey is one of the objectives of the multi-year national anti-corruption plan of January 9, 2020.
Companies subject to the Sapin 2 law must set up a procedure to evaluate third parties - customers or suppliers, JV partners or acquisition targets - to ensure that they offer guarantees of probity in line with the company's requirements. Our tools are here to help you!
Export Control: Manufacturers, exporters, financial institutions and insurance companies are all subject to exportcontrol rules, and may be held liable, at the very least, on the grounds of complicity and/or AML/CFT regulations.Export control, which involves checking for international sanctions and compliance with trade embargoes , is now a core concern for regulators and companies alike: transaction screening is an obligation AML-CFT aimed at verifying that a customer's transaction is not subject to international sanctions or trade embargo.
Sapin II Act: With the Sapin 2 Act, France has introduced innovative tools to effectively detect, prevent and punish corruption and breaches of probity. The law aims to respond to the aspirations of the French people for transparency, ethics and justice in economic matters. "Ethics must be the compass of public and economic life", declared Michel Sapin, for whom "this text will contribute to making our country a modern democracy, based on solid values, and not a democracy of suspicion. It will help build an economy that serves everyone" and eliminate "unbridled finance at the service of corruption and speculation.