Watchman for Professionals
Watchman for Professionals supports a risk-based approach to meeting the ever-tightening regulatory requirements associated with anti-money laundering and customer due diligence. This comprehensive compliance package performs multiple verification and security checks, in real time, during the transaction process.
The Compliance Platform
This suite of checks and reports is the baseline requirement for any professional travel money retailer. Watchman’s Compliance Platform combines data from a range of sources to give compliance departments the automated tools that they need to fulfil their role.
Politically Exposed Persons and Sanctions
Watchman performs checks against Sanctions lists as well as identifying Politically Exposed Persons (PEPs) to enhance compliance with current regulations.
The platform offers the facility to record unwanted customers that have attempted to defraud the company or act illegally. The system will automatically run checks against this list and give a ‘Do Not Transact’ warning.
Watchman checks customers’ transaction histories to ensure that order value limits are not breached, or to highlight high frequency of transactions that may not comply with company policies and, or, AML regulations.
Watchman facilitates secure storage of scanned ID documents, linking them to customer/transaction records. Scanned documents can be readily retrieved for returning customers, as well as for auditing purposes.
Watchman’s reporting capabilities provide assurance that clients can evidence compliance through a comprehensive audit trail. Data can be extracted in a report format suitable for submitting direct to HMRC, supporting their auditing process.
The Exposure Suite
For the more advanced enterprises that offers higher value transactions, the Exposure Suite provides a range of stand-alone services that will bring the compliance effort to an entirely new level of sophistication.
The Exposure Suite includes the ability to scan, verify and automatically extract data from ID and other documentation, either by using a desktop application or by allowing the public to upload from their mobile devices.
Expert document verification
In addition to scanning, ID documents can be subjected to expert verification checks for enhanced security and customer due diligence.
The Exposure Suite offers access to a set of tools that give compliance departments the ability to drill-down into the background of clients and check against a range of Politically Exposed Persons (PEP) data sources. These tools can be tailored to an organisation’s individual requirements depending on their risk-based policies and regulatory environment.
The Exposure Suite offers access to a choice of eKYC/ID verification data sources to enhance customer due diligence. These checks can establish whether a customer is valid which can help to significantly reduce the risk of fraud and money laundering.