Catch your breath before Christmas

Balancing AML and GDPR

It’s contradictory: the AML regulation oblige you to secure your customer due diligence (CDD) by identifying and verifying your customers’ identities – and then the GDPR puts clear restrictions on HOW you can obtain and handle the sensitive personal data, which clients entrust you. In practice, you need to balance two laws that seem to counteract and put an increased burden of complexity on your CDD efforts.

Take a deep breath
We know it. You experience it…

You have to navigate a complex regulatory landscape that put a high demand on your compliance:

You get punished for not gathering adequate customer data – and you get penalised if you handle these sensitive personal data irresponsibly.

The pandemic has added another layer to the complexity making it difficult to meet new clients in person and difficult to control how your colleagues handle this data when working from home. Do they follow the company’s AML procedures?
How much human error are they (unintentionally) adding to the process?

Hold your breath

Using many (outdated) systems combined with manual procedures can be a costly affair, risking compliance tickets and loss of credibility.

Short-term, you probably experience that the daily consequence of a deficient solution is more administrative dodges, which raise the expense per customer onboarding and ongoing due diligence. Not to mention the possible bothersome onboarding experience you give your customers.

Maybe you are making your customer due diligence procedures unnecessarily inconvenient for you and your customers.

Get control of your breathing.

IT IS POSSIBLE to get your anti-money laundering and GDPR compliance to come together. The fact is that, you don’t need to hold and store the client’s personal data; you just need access to it.
When you manage your CDD procedures from the NewBanking Identity platform, you automatically obtain access to and verification of your client’s ID while respecting their digital rights by letting them keep the data ownership.

The data is stored in the clients encrypted data vault, the legislation ensures you  the right to access it as long as the law requires.

Breathe a sigh of relief

No more GDPR worries: In one and the same breath, you can get control of your KYC-procedures AND respect your customers’ data ownership. And there are more benefits:

• Secure by design: NewBankings system is top secure, ISO27001 certified and built on privacy by design and secure by design principles from the ground up.
• All in one system: NewBanking collaborates with a range of 3rd party partners to give you the best possible conditions for international ID verifications, company information and PEP, sanctions and adverse media screenings while you just operate from one centralised system, giving you more automation and less room for human errors. 
• Audit pass: You are all set for the upcoming audits because you log your activities while you register and perform the CDD and ODD.
• Win-win for you and the customers: Automated KYC procedures will save you time and energy and give your customers a better experience with your collaboration.

Still breathing?

That’s a good sign….
Let NewBanking’s KYC solution give you back the control of your AML and GDPR matters – then you can take time for a breathing break!

Let’s commence from here….
You are always welcome to contact us to hear more.

From NewBanking we wish you and your team a happy holiday.