Overview
The compliance section lets you record all compliance-related information and events for your legal entities, individuals, or assets. This includes:
- Compliance notes and relationship information
- Applicable laws
- Compliance events to record AML (Anti-Money Laundering) and KYC (Know Your Customer) information
- Responsible persons
Guide
How to Access the "Compliance" Section
- Open the relevant item (legal entity, person, asset).
- Click on "Compliance".
Compliance Information
- Dossier Nr.: The unique identifier from your compliance tool or any other relevant data provider. This dossier number is relevant for the SRO audit.
- FinCEN ID: The Financial Crimes Enforcement Network (FinCEN) assigns unique identifiers to combat money laundering, terrorist financing, and other financial crimes.
- Compliance Notes: These are key records or details concerning the compliance status of a legal entity, individual, or asset. They may encompass information about past compliance problems, current investigations, or any other pertinent data that aids in upholding and tracking the compliance status.
- Relationship Notes: These usually pertain to information about the relationships between various entities, individuals, or assets. They can offer context about the nature of these relationships, such as business transactions or other interactions that could have implications for compliance.
Applicable Law
This section allows you to record laws that are relevant to the entity, individual, or asset in question. This could include laws relating to compliance, financial conduct, or any other legal considerations that apply.
Compliance Events
Document various compliance-related events. These events provide crucial information for maintaining compliance and managing risk. They encompass:
- Proof of address: This verifies the individual's or entity's location.
- Risk level: This assesses the potential risk associated with the individual or entity.
- Classification as a Financial Intermediary: This identifies whether the entity is acting as a financial intermediary.
- Source of Funds: This identifies where the individual's or entity's funds originate.
- Sources of Wealth: This determines how the individual or entity acquires their wealth.
- Corporate Transparency Act (CTA) status: This indicates compliance with the Corporate Transparency Act.
- FATCA status: Refers to an entity's or individual's compliance with the Foreign Account Tax Compliance Act (FATCA). This U.S. law requires foreign banks and other financial institutions to report about U.S. citizens with accounts over certain thresholds. The aim is to prevent tax evasion by U.S. citizens and residents through offshore accounts.
- CRS status: The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange of Information (AEOI) regarding bank accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed. Its purpose is to combat tax evasion.
Compliance Relations
Add the individuals responsible for compliance-related matters, such as an officer or partner. These can be internal stakeholders or external service providers.