Sandra Lovett-Tillman’s Post

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To effectively conduct Customer Due Diligence (CDD), financial institutions should adhere to the following structured approach: (A) Data Collection 1. Customer Profile (Individual) - Obtain comprehensive personal information: full name, aliases, residential address, and mailing address. - Gather contact details: phone numbers, and email addresses. - Record demographic details: place of birth, date of birth, gender, marital status, nationality, and race. - Capture official identifiers: government-issued identification number, tax identification number. - Note occupation and obtain specimen signature. - If applicable, obtain a parental consent form for minors. 2. Customer Profile (Entity) - Collect corporate details: name of corporation, type of corporation, date and place of incorporation. - Obtain relevant legal documents: Board resolutions, Certificates of Incumbency, Articles of Association. - Identify key personnel: directors, shareholders, senior management, and ultimate beneficial owners. 3. Customer Profile (Trust) - Gather trust-specific information: settlor, trustee, beneficiaries, protector, and ultimate beneficial owner. 4. Wealth Profile - Document financial information: source of wealth, source of funds, annual income. (B) Name Screening - Conduct thorough name screening: - Check against internal databases and external sources. - Identify if the customer is a Politically Exposed Person (PEP), criminal, terrorist, sanctioned individual/entity, or involved in adverse media activities. (C) Enhanced Customer Due Diligence (ECDD) - For higher-risk customers or transactions: - Obtain senior management approval before establishing a relationship. - Take additional steps to verify the source of wealth and funds. - Examples include dealing with PEPs, customers on watchlists, terrorists, non-face-to-face accounts, correspondent accounts, and customers in high-risk jurisdictions. (D) Ongoing Monitoring - Continuously monitor customer activities: - Detect any changes in risk profile. - Ensure all Know Your Customer (KYC) documentation remains current and up-to-date. (E) Records Keeping - Maintain detailed records: - Document all interactions and transactions with the customer. - Keep records accessible for audit and compliance purposes. By following this structured CDD process, financial institutions can effectively mitigate risks associated with their customers and comply with regulatory requirements. Each step is critical in establishing a thorough understanding of the customer's background and potential risks they may pose to the institution.

DIR KYC is back this year with due date 30th Sept 2024 Just like last year, DIN holders who have already filed DIR-3 KYC last year will only be required to file a web based verification service if all details pertaining to the individual remains same as of filed in last year KYC form. The following persons shall not be able to do web based verification service and will be required to e file the DIR 3 KYC FORM: 1) Those who have been allotted DIN during the FY 2023-24 2) Those who did not file their KYC last year, even though they were required to do so. In such cases, a penalty of Rs 5000 has to be paid. 3) Those who want to update their email or mobile no. from last year filed form For persons who want to update any other information like address, they need to first file DIR 6 and then, after its approval, use the web based verification service. Follow us on LinkedIn: https://lnkd.in/dhz6fD9w Team - Intellex Strategic Consulting Private Limited (WhatsApp on 91-98200-88394)

##Importance of Monitoring Money Transfers and the Role of Customer Service Employees Monitoring financial transfers is a crucial aspect of business management and has significant importance related to transparency and security. Here are some key points regarding this importance and the role of customer service employees in monitoring: ###Importance of Monitoring Money Transfers 1. **Detecting Suspicious Activities**: Careful monitoring helps identify unusual or suspicious transfers, allowing for quick action to be taken. 2. **Protecting Funds**: By keeping track of transactions, funds can be safeguarded against embezzlement or fraud, enhancing financial security. 3. **Building Trust**: An effective monitoring system increases customer trust in the company, as clients feel secure when conducting transactions. 4. **Improving Efficiency**: Monitoring transfers can reveal any issues in processes, helping to streamline and improve operations. 5. **Legal Compliance**: Monitoring contributes to adherence to financial regulations, reducing the risk of penalties or fines. ### Role of Customer Service Employees in Monitoring 1. **Effective Communication**: Customer service employees act as a link between the company and its clients, allowing them to report any concerns related to transfers. 2. **Technical Support**: Employees assist customers in understanding transfer processes, making it easier to address any arising issues. 3. **Pattern Recognition**: Customer service staff can notice unusual patterns in customer behavior, which may prompt investigations into transfers. 4. **Handling Complaints**: Customer service employees receive complaints regarding transfers and work to resolve them, contributing to service improvement. 5. **Awareness and Guidance**: Employees help educate customers about fraud risks and ways to protect their personal information. In summary, monitoring transfers by customer service employees enhances security and trust while helping to improve the services provided.

DIR KYC is back this year with due date 30th Sept 2024 Just like last year, DIN holders who have already filed DIR-3 KYC last year will only be required to file a web based verification service if all details pertaining to the individual remains same as of filed in last year KYC form. The following persons shall not be able to do web based verification service and will be required to e file the DIR 3 KYC FORM: 1) Those who have been allotted DIN during the FY 2023-24 2) Those who did not file their KYC last year, even though they were required to do so. In such cases, a penalty of Rs 5000 has to be paid. 3) Those who want to update their email or mobile no. from last year filed form For persons who want to update any other information like address, they need to first file DIR 6 and then, after its approval, use the web based verification service. Follow us on LinkedIn: https://lnkd.in/dhz6fD9w Team - Intellex Strategic Consulting Private Limited (WhatsApp on 91-98200-88394)

DIR KYC is back this year with due date 30th Sept 2024 Just like last year, DIN holders who have already filed DIR-3 KYC last year will only be required to file a web based verification service if all details pertaining to the individual remains same as of filed in last year KYC form. The following persons shall not be able to do web based verification service and will be required to e file the DIR 3 KYC FORM: 1) Those who have been allotted DIN during the FY 2023-24 2) Those who did not file their KYC last year, even though they were required to do so. In such cases, a penalty of Rs 5000 has to be paid. 3) Those who want to update their email or mobile no. from last year filed form For persons who want to update any other information like address, they need to first file DIR 6 and then, after its approval, use the web based verification service. Follow us on LinkedIn: https://lnkd.in/dhz6fD9w Team - Intellex Strategic Consulting Private Limited (WhatsApp on 91-98200-88394)

When you run a business, you're not just a guardian of your company's data. You're a custodian of your customer's trust. People say, "Protect your personal information like it's gold." It should be said, "Guard your customer's information like it's platinum." Why? Because a breach in your customer's data doesn't just mean loss of information. It means a loss of trust, reputation, and future business. The long and short of it? Treat customer data with more care than your own. Why? Because your personal data affects one person. A breach in customer data affects many. It's the multiplier effect of trust. Here's a not-so-obvious tip: Start with the mindset that every piece of customer data is a trust token. Every time you protect it, you earn more trust. Every time you misuse it, you lose it. It's simple math. Remember, your customer's data isn't a liability. It's an asset. Handle with care. Guard your customer's information like it's platinum.

Address Verification series - II ( Digital Verification ) Address verification is one of the critical process which enables businesses to confirm their borrowers, employees, or supplier’s addresses. For example, the banks verify borrowers address extending any credit facility, a mobile wallet provider verify your address before enhancing your transaction limits. Physical address verification requires a person to physically visit the location and verify. This process is time consuming and has certain limitations to scale as it is dependent on the availability of the trusted manpower in the geographical location. ICIL offers solution to this problem with our Digital Address Verification Service. Digital Address Verification validates the provided address by considering the address and few photographs with GPS metadata for verification. Our technology converts a text address into a geolocation which is compared to the GPS location in the image metadata. Then a system converts the geolocation into a text address for string to string comparison. If you want to utilize ICIL Verification services , please contact Mr. Azfar Baqvi, email : azfar@icilpk.com, cell number : 03328200871

Finding assets and determining their value is one of the more complicated tasks for an investigative firm. Typically, clients request these specialized investigations for one of two reasons: 1. To determine whether it’s worthwhile to spend the time and money to sue someone. 2. If a judgment has been entered in favor of the client and they want to chase down the subject’s money and actually get paid. Clients expect to pay a few hundred dollars and find every penny squirreled away by the debtor. They are probably only going to receive database information compiled by national companies, those informations may not be complete, accurate or up to date. That’s not to say that databases aren’t useful, they are an excellent—and sometimes the only—starting point when initiating this type of investigation. Depending on the complexity of the case, however, that information can be woefully inadequate. Asset searches can be very labor-intensive and complex We always recommend a tiered approach to help manage our client’s budgets and to decide how extensive a search is warranted. One more note: Be careful when dealing with someone who promises you the universe when conducting bank account searches. Much of that information is not public record. Identification of bank accounts and balances may be done in an illegal manner, knowingly or otherwise. And, as mentioned above, investigators often rely on databases, which may be limited, inaccurate or outdated. If you decide to proceed, be prepared to provide as much information as you can, no matter how small or insignificant it may appear to be. This will help streamline the investigation and eliminate duplicate work. Due Diligence Specialists has a proven successful track record asset searches cases, nationally and internationally For more information about Asset Search, book a free consultation https://lnkd.in/ecvgJ-XY

Hey Folks, Understanding Due Diligence in Business: Due diligence is a critical process undertaken by businesses to assess and mitigate risks associated with various aspects of their operations, especially when dealing with customers, products, accounts, and other business transactions. 1. Customer Due Diligence (CDD) Customer due diligence involves the process of verifying the identity of customers to assess potential risks associated with them before entering into a business relationship. Key Components of CDD: - Identity Verification: Confirming the identity of customers through reliable documentation such as passports, driver's licenses, or government-issued IDs. - Risk Assessment: Evaluating the level of risk posed by customers based on factors like their location, business activities, and reputation. 2. Enhanced Due Diligence (EDD) Enhanced due diligence is a more rigorous form of CDD applied to higher-risk customers or transactions. Instances Requiring EDD: - High-Risk Customers: Individuals or entities from politically exposed backgrounds, non-resident customers, or those involved in complex or high-value transactions. - Unusual Transactions: Transactions that are unusually large, lack a clear economic purpose, or deviate from the customer's normal behavior pattern. Methods of EDD: - Source of Wealth Verification: Confirming the legitimate sources of a customer's wealth or funds. - Background Checks: Investigating the customer’s business history, affiliations, and reputation. 3. Product Due Diligence Product due diligence focuses on evaluating the risks associated with the products or services offered by a business. Steps Involved in Product Due Diligence: - Compliance Check: Ensuring that products comply with relevant laws, regulations, and industry standards. - Quality Assurance: Testing products to verify their safety, durability, and reliability. 4. Account Due Diligence Account due diligence involves assessing the risks associated with maintaining accounts for customers or entities. Components of Account Due Diligence: - Financial Analysis: Reviewing the financial statements, credit history, and payment behavior of the account holder. - Risk Assessment: Evaluating the likelihood of default, fraud, or other financial risks associated with the account. 5. Basic Due Diligence Basic due diligence refers to the initial steps taken by businesses to gather essential information about potential customers, products, accounts, or transactions. While less comprehensive than EDD or product due diligence, it forms the foundation for further risk assessment and decision-making. -Key Aspects of Basic Due Diligence: - Information Gathering: Collecting basic information such as customer identity, contact details, and business affiliations - Document Verification: Reviewing documents such as contracts, agreements, or licenses to confirm their authenticity.