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Glossary

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Comments

An AML officer can leave comments on any client profile and attach a file.

Customization

You can customize your FinchGuard experience:
  1. 1.
    Logotype.
  2. 2.
    Domain.
  3. 3.
    Workflows. You are able to create a specific onboarding pipeline with the necessary steps for your clients to follow

Data protection

Your client data is stored at AWS servers in the EU (if you are a European client) or in Switzerland (if you are Swiss)

Exceptions

As every exception to the AML Policy must be documented, a user of FinchGuard can add a comment to any client profile and attach a file.

KYT

PEPs

A politically exposed person (PEP) is identified by checking thousands of sources.

Real-time monitoring

FinchGuard offers real-time monitoring of both company data (incl. directors, shareholders, UBOs etc.) and blockchain transactions. If negative news comes up after a while, an AML officer will be notified.

Regulatory reporting

Notifications about suspicious transactions can be easily automated if there is a specific template required by the regulator.

Risk assessment on a regular basis

FinchGuard offers real-time monitoring of the companies, their key personnel and UBOs. If adverse information is found, a user is notified about it.

Risk classification

An AML officer can manually set a high or normal risk level for each client.

Roles

FinchGuard supports the following user roles: admin (all rights), AML officer (no rights to change settings), and read/only access.

Sanctions

FinchGuard allows checking a great number of sanction lists such as OFAC, UN, HMT, EU, DFAT and more.

Status updates

Push notifications to a dedicated Slack channel will help keep not only the compliance team but also your sales force informed about the current status of clients being onboarded.

Transaction monitoring

FinchGuard currently allows to set up the following alerts:
  • daily turnover per client
  • monthly turnover per client
  • domicile (country of incorporation) of a client
  • (for fiat transactions) payment country (where the bank of a client is located)
  • (for blockchain transactions) a risk score that is calculated based on the share of high-risk sources associated with the transaction (examples are known hacks, scams, child abuse, gambling etc.)

Travel rule

The travel rule requires verification of the ownership of the wallet from/to which digital assests are sent. A VASP has to identify a sender for incoming and a recipient for outgoing blockchain transactions.
  1. 1.
    If a sender or a recipient of a transaction is the same client of the VASP (for transfer of own funds), wallet verification is sufficient. FinchGuard has implemented this.
  2. 2.
    If a sender or a recipient of a transaction is an independent party(for transfer from/to third parties), information must be exchanged between the VASPs involved. FinchGuard has not implemented this feature yet. ETA Q4 2023.

Wallet verification

FinchGuard supports the following methods of wallet verification (as per the Travel Rule requirements):
  1. 1.
    Satoshi test
  2. 2.
    Print screens (screenshots)
  3. 3.
    Connecting a Web3 wallet (such as MetaMask)