New Features - 4 Oct 2019
A Snapshot
Area |
Category/Section |
Updates |
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AML Program Manual |
Overall |
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Company Information and Context |
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ML/TF Risk Assessment |
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AML Program/Policy |
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Appendices |
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Audit Trail |
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Copy Over Feature |
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Platform Settings |
Branding |
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Help Centre |
Getting Started |
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Product/Service Listing by Industry |
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Environmental Risk |
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Impact on in-progress and published program manual
Program Manual Section |
Field |
Impact |
|
---|---|---|---|
In-Progress Program Manual |
Published Program Manual |
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Company Info (Updated Field) |
General New Legal Status values |
New values visible in editable field and reports. If you create a new program by copying over from the in-progress one, you’ll need to reselect the value for this field. |
No change as not editable. If you create a new program by copying over from the published one, you’ll need to reselect the value for this field. |
Company Info (New Fields)
|
Business Profile Mandatory question: - Do any owners or shareholders hold more than 25% of the business' issued share capital? Updated field: Number of Employees : Changed the first value from 0-25 to 1-25 |
No change. If you create a new program by copying over from the in-progress one, you’ll need to answer the new question and reselect the value for the ‘Number of Employees’ field. |
No change. If you create a new program by copying over from the published one, you’ll need to answer the new question and reselect the value for the ‘Number of Employees’ field. |
Company Info (New fields) |
Links/Attachments fields (in all sections) |
It will be visible to you but will be blank and not in reports unless you add the links/attachments |
It will be visible to you but will be blank and not in reports/not editable. |
Company Info (New fields) |
AML Compliance Oversight Mandatory fields: - Main Characteristics Answer for External Parties ( Company Name, Location, Nature of Arrangement) - Main Characteristics Answer for Industry Qualification (Date obtained) - Main Characteristics Answer for Other |
No change. If you create a new program by copying over from the in-progress one, you’ll need to answer the new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to answer the new questions. |
Company Info (New field) |
Regulator/Supervisor Optional field: Date of Last Regulator/Supervisor Visit or Examination |
No change. If you create a new program by copying over from the in-progress one, you’ll see the new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to see the new questions. |
ML/TF Risk Assessment (Environmental Risk) |
Residual Risk Rating layout changes and new Additional Information section New Risk Indicators New optional contextual questions added to Additional Information Section |
No change. If you create a new program by copying over from the in-progress one, you’ll see the changes and new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to see the changes and new questions. |
ML/TF Risk Assessment (Customer Risk)
|
Residual Risk Rating layout changes and new Additional Information section Reorder sections New questions under Additional Information Section |
No change. If you create a new program by copying over from the in-progress one, you’ll see the changes and new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to see the changes and new questions. |
ML/TF Risk Assessment (Business Risk)
|
Residual Risk Rating layout changes and new Additional Information section Change the format of existing question to capture Company and Location of each Third Party in additional to the Nature of the Outsourced Controls for each. |
No change. If you create a new program by copying over from the in-progress one, you’ll see the changes and new questions. You’ll need to complete the new questions related to Third Party. |
No change. If you create a new program by copying over from the published one, you’ll need to see the changes and new questions. You’ll need to complete the new questions related to Third Party. |
ML/TF Risk Assessment (Channel Risk)
|
Residual Risk Rating layout changes and new Additional Information section Change format of existing interaction methods question to multi-pick and update values New optional contextual question added to Additional Information section |
No change. If you create a new program by copying over from the in-progress one, you’ll see the changes and new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to see the changes and new questions. |
ML/TF Risk Assessment (Product Risk)
|
Residual Risk Rating layout changes and new Additional Information section Moved questions from ‘Risk Exposure and Its Distribution Across the Customer Base’ to ‘Additional Information’ Section and made it optional |
No change. If you create a new program by copying over from the in-progress one, you’ll see the changes and new questions. |
No change. If you create a new program by copying over from the published one, you’ll need to see the changes and new questions. |
Country Risk Update - 26 Feb 2019
Country risk forms an important part of your money laundering risk assessment. To keep you up-to-date we have made some changes to our country risk methodology and some country risk ratings.
- We have broadened the definition of the “Restricted” country rating from sanctions imposed by the UN to include sanctions imposed by US(OFAC), EU and AU
- We have added to the definition of “High” country rating to include any country historically sanctioned but the sanctions are now lifted, any country expelled from the Kimberley Process Certification Scheme for diamond trading.
Our full methodology and sources can be found in the Country Risk Methodology sections of our Help Centre and continue to include FATF, United Nations, European Commission, US Department of the Treasury, Australia Department of Foreign Affairs and Trade, Transparency International, US State Department, International Narcotics Strategy Control Report, The Financial Secrecy Index, and the Kimberley Process.
As a result of the methodology changes and latest source information, we have changed the rating for 80 countries. You can view the list HERE.
We recommend that you consider whether any of these changes impact your risk assessment and AML program. If you need to refresh your risk assessment, you can create a new one and copy across the information from your previous program. The new country ratings will be reflected in the new assessment and you have the option to apply your own custom rating or comment.
New Compare Feature for Copied Programs - 21 Dec 2018
This feature appears when creating a new Program Manual by copying from an existing one. It helps you to identify any changes to our ML/TF risk methodology or document models so you can incorporate these into the latest version of your Program.
If you created your program manual prior to 25 May 2018, it may be a good time to roll it forward to take advantage of the Action Plan and some of the minor updates to our ML/TF risk methodology.
Note - If you do roll forward (by copying your last program) you may have to re answer some questions and/or update the document so your program will be in line with the latest ML/TF risk methodology.
You can see the other new features and changes in the Release Notes section of the Help Centre.
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