With social distancing still forcing most people to work remotely, there has never been a better time to automate your CIP

{{ image_alt:person-using-macbook-374720.jpg }}

While many states are now easing lockdown restrictions to try and get the economy back on track, the US still has the highest number of coronavirus cases in the world, and people are still being advised to work from home where possible and minimize the amount of time spent around other people.

This lack of face-to-face contact means financial firms are having to adapt their ways of working. And while many parts of day-to-day business can be done remotely, other tasks are not so easy to change. For example, if you still use physical documents for your CIP and Anti Money Laundering procedures, you will be struggling.

Even if you have managed to adapt everything else to work remotely, unless you can do the same with your initial ID checks and customer due diligence, you are going to hit a brick wall.

So, what are your options – stop on boarding new customers? Or go ahead, knowing you may well be failing to meet your BSA/AML obligations? This is certainly not a good choice, as both put the survival of your business at huge risk.

But what if I told you there was a third option? What if I said you could carry on as normal even with social distancing rules in place?

By switching to an electronic platform, you can carry on with ‘business as usual’ because checks can be done without having to see your customers or their documents. Plus, it will also save your business a small fortune because it is so much quicker and easier to run an electronic check than a manual one.

All you need to do is enter the individuals’ details into the system (name, address, date of birth, and social security number) and it will complete a full check – with Sanction, PEP, SIP, and RCA screening – in just two seconds.

Not only that, but the system will automatically run Enhanced Due Diligence on any matches, and our daily monitoring service will continually check all searches every night for any changes.  

And while social distancing may be the trigger for the switch, due to the fact it offers the only AML solution during social distancing, but in the long run, switching to an electronic platform is the best decision for your business.

Not only is using an electronic platform to run all your checks quicker, easier, cheaper, and more reliable, but it can also streamline your entire CIP. That is because we can integrate the SmartSearch system into your existing program, meaning you only need to enter a client’s details once and all their details and AML check results will be in one place. We can even batch upload your past and current customer database so you can run retrospective checks, ensuring your entire system is up to date and fully compliant.

We simply don’t know how long coronavirus will continue to impact our lives, but what we do know is that using an electronic AML platform is the only way you can continue to take on any new clients in the current climate. Switching to electronic verification will not only give you the solution you need now, but it will also benefit your business in the long run by saving you time, money, and ensuring you always remain compliant.

Share post
Sign up to our newsletter to receive news, resources and updates straight into your inbox!

By submitting your email address, you consent to us sending you emails about news, case studies, resources and updates. To find out more, visit our Privacy Policy.