Our Financial Intelligence Module is a great tool to assist in being compliant with your local legislation.

This module caters for two distinct issues which are likely to form part of the requirements of financial intelligence legislation in your jurisdiction. Users need to ensure that they fully comply with the laws in their jurisdiction and do proper tests to achieve same. This module will assist in your compliance endeavours, but does not claim to be foolproof nor to address all aspects of relevant legislative requirements in your jurisdiction.

 Client Risk Assessment:

Also known as Know-your-client (KYC), the module provides a standardized set of risk questions, each with a relevant risk score attached, with different sets available for different client types. Users will set a general risk point limit, after which clients should not be accepted.

The risk questions and appropriate risk score can be easily amended, added to or be deleted. In addition, the geographical risk factor points can also be reviewed and amended as required by the User. The process of doing the client risk assessment is done in three phases: The first phase is a very short assessment for individuals, which eliminates all low risk individuals. The second phase is for all natural and juristic persons, which can result in a low / medium / high risk classification. If the result is a high risk, the third stage must be completed (EDD).

The settings in the system determine as to which staff members (Compliance Officers) can prepare and / or authorize the client risk assessment at which risk level.

The detail of the outcome remains in the system and will also feature in the secretarial module on the compliance tab. Reports are available to reflect those clients whose KYC have expired or never been performed.

Client screening to Sanctions lists:

This part of the module allows the User to test one, some or all clients against the relevant sanctions list selected. Once a screening is performed, the relevant website is accessed and details are downloaded. PAPAS will then test the clients selected against the downloaded lists. Since the module also uses fuzzy search functionalities (which are set by the User), indirect matches will also be displayed on the outcome list. Points are awarded for the closeness of the match, and Users will have to work through the matches to determine whether this is a positive match or a false positive. Notes must be made on the outcome and actions taken, which the system will store.