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PassFort Newsletter - Q1 2020

Posted by: Alexis Fox-Mills
In this edition: The benefits of flexible, scalable, efficient onboarding; Preparing for 6AMLD; Latest from PassFort product development.

 

BENEFITS of DIGITAL ONBOARDING

 

Building flexibility

When it comes to digital customer onboarding processes, change should be the only constant. Moving to a digital platform means workflows can be optimised from day one, then regularly analysed and altered to ensure ongoing compliance and efficiency.

This video, featuring PassFort's CEO, talks about why change is important in compliance processes and how it's possible with the right technology.

Set to scale

All businesses want a growing customer base. Compliance processes needed for onboarding should scale to business demand, without adding further operational costs.

This case study shows how PassFort supported a rapidly-scaling challenger bank with its high volume of applications, while containing its costs.

Centralise risk management

Every handoff in a compliance process can be thought of as a potential weakness. During customer onboarding handoffs can waste time and introduce risk. Moving between people and systems is where errors, slippage and duplication occur. Reducing handoffs between parties and systems protects data and reduces the risk of things going awry.

This article explains how to drive efficiency in onboarding, while reducing risk.

PREPARING for 6AMLD

Fraud is an ever-present challenge for financial services businesses. Flashback to January 2020, when police in Northern Ireland uncovered the second largest money laundering operation in the UK, ever.

How do you arm yourself against 'bad actors' applying for products?  Well, as threats change, so do the regulations aimed at thwarting them.

Hot on the heals of the 5th Anti-Money Laundering Directive comes the 6th - 6AMLD.

From 3 December 2020, businesses operating in the EU, and UK businesses trading in the EU (even after Brexit and with no dependence on the Brexit arrangement), need to comply with 6AMLD.

STEPS to prep for 6AMLD

  1. Judge the impact on your products
  2. Amend your AML policy, including for onboarding
  3. Assess the new policy against your risk model
  4. Edit AML checks in your onboarding workflows
  5. Brief and train compliance teams on the changes
  6. Test the amended policy and associated workflows

When you are ready to automate AML checks, contact PassFort and see how we can support your business to achieve compliance.

LATEST on the PRODUCT - Customer comms

Our product management team has garnered feedback from our clients to further improve the PassFort onboarding solution.

The next big feature release includes a way for our clients to communicate with their customers via the platform. This makes it faster and easier to request additional information when carrying out Enhanced Due Diligence.

Facilitating customer communication will speed up onboarding if an application can't achieve Straight Through Processing.

If you would like to get a preview of the PassFort Portal - please get in touch anytime.

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