Does your KYC/AML due diligence process involve foreign language and native characters?

AMLWhen working in foreign jurisdictions, language barriers can be a hindrance to effective KYC. Optimize your KYC/AML process with foreign language tool!

The ramifications of non-compliance can be severe if a heightened risk individual or entity is on-boarded by mistake because either the system could not read the foreign characters, or the compliance team missed a clue because they were unable to read the foreign language media reports. Understanding who you are really doing business in a globalized environment is crucial. Getting the right tools is paramount.

Thomson Reuters Accelus offers powerful solutions that can improve your language coverage for KYC

WORLD-CHECK RISK INTELLIGENCE WITH ADVANCED FEATURES

World-Check is a global database of intelligence on PEPs and heightened risk individuals and entities. It is used in risk-based customer due diligence programs to comply with KYC legislation relating to AML, counter terrorism financing (CFT), anti-corruption, organized crime, 3rd party risk and other financial crimes control.

The World-Check Premium Plus data subscription offers three specific language related advanced features:

  • Native Character Names – Screen and match against 40+ non-Latin character sets and decrease the chance of missing a hit due to translation variances.
  • Chinese Commercial Codes – Critical for financial institutions that transact with entities in China, Hong Kong, Taiwan or other Chinese-speaking countries. It helps to resolve client identity issues.
  • World-Check Translate – Crucial information sections in World-Check profiles, as well as original source material, can be translated into any one of more than 30 languages at the click of a button.

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ACCELUS ENHANCED DUE DILIGENCE REPORTS (INTEGRASCREEN)

IntegraScreen Reports provide a detailed background check on any entity or individual, no matter where they are located in the world. Used by organizations globally to enhance and simplify the due diligence process and protect against reputation damage, IntegraScreen Reports form part of a best practice, risk-based approach to due diligence. Their rapid turnaround and low cost contribute to a considerable saving in both time and money.

Our research analysts are strategically located around the world and speak over 60 local languages. Most information contained in our reports is sourced from primary data sources in the relevant country and in the prevailing local language. Native speaking analysts pick up on the subtleties in the text in a way that multilingual speakers do not.

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ACCELUS CLIENT ON-BOARDING (GOLDTIER)

Accelus Client On-Boarding (GoldTier) automates the on-boarding of new clients and ongoing refresh cycles.

  • Tried and tested, purpose built application
  • Used by financial institutions for over a decade
  • Faster and more cost effective than in-house client on-boarding solutions
  • Facilitate compliance with regulatory demands and KYC, AML, CFT and PEP due diligence
  • Part of Accelus Relationship Risk Management

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ACCELUS ORG ID

Accelus Org ID transforms the way the industry approaches KYC due diligence with a standards-based service that reduces complexity, is independent, secure and accelerates the ability to do business. Transform your KYC process to do business faster to accelerate client on-boarding, eliminate the cost of remediation, and move to a real-time refresh.

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ACCELUS eLEARNING

We deliver engaging, comprehensive, cost-effective training courses that combine expert content with cutting-edge design to help you meet your compliance and regulatory training needs.

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Risk Oversight Report 2014: The Board’s Role in Setting the Risk Culture

Where should boards’ priorities lie with regards to risk oversight?

Based on the 2014 Risk Oversight Survey conducted by NYSE Governance Services in association with Thomson Reuters

oversight

Board members have a legal, fiduciary duty to oversee risk, but it is less clear as to where “the buck stops” when it comes to ownership for corporate risk oversight and setting the proper risk culture within the context of the boardroom today.

Recent research from NYSE Governance Services and Thomson Reuters suggests that some board members worry their fellow directors do not understand the risk culture within their own company, and overall, directors rate management’s understanding of risk higher than their own.

Where should boards’ priorities lie with regard to risk oversight? What improvements are needed to ensure boards are fully invested in both understanding and overseeing risk? Though the amount and scope of risk information is improving, the results of our survey point to several gaps in board members’ knowledge, raising the question of how well directors are equipped to fully vet risk scenarios or tackle strategic risk decisions.

Download the report to find out more.

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Thomson Reuters Accelus BoardLink is a secure, web-based board portal, accessible online or via an iPad app 24/7. BoardLink enables corporate secretaries and board members to communicate and access critical business intelligence and board materials, empowering decision-making and good corporate governance.

Whitepaper: Navigating the Basics of Internal Audit

Driving for Success: Navigating the Basics of Internal Audit

Compliance ManagerBuilding out a new internal audit function or expanding an existing audit team may sound straight-forward, but do you have the right building blocks in place for success?  What kind of qualities should you be looking for in your team members? How should you engage with stakeholders who will be critical to the success of your audit team? How should you go about developing a plan for this new function?

Read this whitepaper “Internal Audit – Driving for Success: Navigating the Basics of Internal Audit (part 1) that outlines key requirements that audit executives should consider when looking to develop new audit capabilities in organizations. This is the first in a series of two papers that provide a roadmap to help audit executives consider how they wish to define the scope of their new audit team; what the nature of the new team should be; and how this new internal audit team should fit into the overall organization’s structure and culture.

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