New features in MyComplyNow platform
Since the launch of MyComplyNow per last June, which is being used by thousands of real-estate agencies and other AMLD-required institutions throughout the Netherlands, several new components have been added to the solution. The solution has been expanded with smart workflows for conducting customer due diligence and reviews of persons and organisations. Now users can carry out customer due diligence via an automated workflow (including OCS) and immediately store them in the online environment that is both secure and GDPR compliant.
Online Client Screening
With the launch of the new platform of Comply Now, Web-IQ’s IRIS Risk Analysis was also added and branded as Online Client Screening (OCS). With the help of this additional check, it is now possible to perform online searches that result in more and more insightful information than a regular online search like the former Adverse Media Check. In addition, the results are automatically analysed for relevancy, so that only useful results are displayed, which saves a lot of time in analysing the information.
That is also what Igi Lemmens of the real-estate agency Bongers & Lemmers states, who has been using IRIS in MyComplyNow since the launch: "Our compliance officer pointed out to us that we had to screen our customers more thoroughly. At first, we did that via the standard Google search, which took a lot of time and resulted often in a lot of irrelevant information. Now we use the IRIS Risk Analysis, which works very well!"
With 1 click we now conduct a thorough online analysis that provides rapid insights and enables us to quickly onboard new customers.
IRIS has become an indispensable feature for many users
Igy is not the only happy user of IRIS within MyComplyNow. The usage has skyrocketed since its launch and quickly surpassed the use of the free Google Media Check alternative within the platform. IRIS has also become part of the automated workflow, where it is highly recommended to apply it within each customer screening.
We have received a lot of positive feedback from end users of MyComplyNow and see that IRIS is used almost 7 times more than the free Google check we offer. We also know that a number of end-users have yet to try this valuable feature of which we are convinced that it will help them enormously in simplifying and speeding up the compliance check.
IRIS Risk Analysis is recommended for every screening
The Online Client Screening is an important part of any client screening. For example, the Dutch AMLD (Wwft) requires organisations to investigate client risks. In addition to exposure to politically exposed persons (PEPs), high-risk industries, transaction risks such as the origin of funds, and transactions with high-risk or sanctioned countries, there can still be additional risk. The Wwft therefore requires that organisations conduct sufficient research on the internet to possible indicators of risks. Online Client Screening is an innovative feature that ensures the best results and saves organisations a lot of time.