Your virtual “Compliance Officer” to manage your AML procedures
Aimed at professionals targeted by the 4th European Directive, IBAKUS®KYC simplifies your life in anti-money laundering issues related to your business. Knowledge of clients, natural or legal persons. Risk assessment. Vigilance.
Simple and clear procedures, at a very reasonable cost.
The IBAKUS®KYC app fulfills your KYC obligations as follows
- Definition of a KYC process
The procedure for identifying your customers (KYC - Know Your Customer), in application of the 4th Directive 2015/849 is an essential element of your working environment.
As a Legal or Financial professional, the IBAKUS®KYC software allows you to define KYC procedures to identify different customer profiles and to list the necessary information and documents for each defined profile. The members of your organization are then able to know at all times the information to ask customers or search outside.
An automated system of TASKS reminds employees of the actions to be taken in order to exercise permanent vigilance and flawless.
Permanent and instantaneous audit ! A COLOR CODE system allows management to instantly get an idea of the quality of the data in the file.
- Checking the good repute of your customers
Pursuant to Article 13 of the 4th Directive (... verification of identity on the basis of documents, data or information obtained from a reliable and independent source), it is the Professional's responsibility to verify information received from prospects and its current customers.
IBAKUS®KYC works in partnership with Dow Jones / Factiva, which provides us daily with the update of its database "Dow Jones Risk & Compliance list". This global database contains 2.4 million profiles of natural and legal persons; it integrates 1,100 global lists of santions.
Thus, IBAKUS®KYC allows you to have easily and quickly a complete check of your customers according to 4 criteria:
- Is it a person exercising political responsibilities as defined in Article 3, 9 ° of the 4th Directive?
- Is he someone close to a person with political responsibilities?
- Is it a person on santion lists?
- Is it a person who has been convicted of serious financial crime?
The first customer identification has been completed and the user schedules periodic checks of the Dow Jones database. In case an automatic check detects a change in the customer's situation, an alert email is sent to the user.
In addition to consulting the Dow Jones Risk and Compliance List, IBAKUS®KYC can browse news from the Web every week to see if any information, positive or negative, is there about your customers.
Thanks to the automated procedures of IBAKUS®KYC you can rely on a permanent and automatic verification of good repute and your customers, which protects you from any bad surprises.
- Storage and security of your data
All IBAKUS® applications operate according to the Cloud Computing system, ie our programs and data are stored on a secure server accessible via the Internet. We have been using this technology for over 7 years now, and to our fullest satisfaction.
Your IBAKUS®KYC data is accessible from anywhere, 7 days a week, at your convenience. All information exchanges with the server are secured under the https protocol.
In application of article 40 of 4 ° Dir., Your data are kept 5 years.
We are obviously intractable on the issue of securing data (see box below).
The Cloud Computing system relieves you of program update tasks, data backup procedures ... all this is managed by the server. A simple PC, a printer and an internet connection and you are ready to work. No more local server and expensive network.
- Editing reporting forms
Having effective and well-thought-out compliance procedures is not enough, this has to be translated into printed reports.
Once the customer identification is fully realized, it is necessary to highlight information and documents in reports attesting that your Due Diligences have been executed:
- effective beneficiary declarations for natural persons,
- forms of certification of information of legal persons,
- acceptance committee
- annual review forms,
- various lists
IBAKUS®KYC edits all the necessary forms internally (in compliance with the requirements of your supervisory authority) and externally (requested by your partners).
Reporting and automatic reviews
Customer risk management can only be assured in the long term. Knowing your clients when you come into contact does not protect you from a change of situation during the course of your collaboration (contact details that change when you change career). A follow-up in time is imperative.
IBAKUS®KYC ensures the proper management of customer risk by a set of functions, at each stage. IBAKUS®KYC manages the expiry dates of identity documents, the validity dates of proxies and automates the checks in the Dow Jones database as regular reviews of legal entities and individuals.
Your KYC officers thus have a systematized assistance tool for monitoring client files from a compliance point of view.
- New GDPR standards applicable from May 24, 2018
The European Directive 2016/679 known as GDPR (General Data Protection Regulation) has already been taken into account by us and by our host.
Among the measures provided for in this Directive, two of them deserve a comment:
- - right to erasure: this right is limited by Articles 40 & 41 of the 4th Directive 2015/849
- - right to portability: the data of each file is already exportable in .csv format
The other measures provided for in Directive 2016/679 are not a problem.
Are you concerned by the 4th Directive?
Directive 2015/849 sets out in Article 2 the professions concerned. Namely, all professions (legal or physical persons) of Law and Finance, in the VERY broad sense (in the same order as in the Directive):
- different banking & credit organizations (obviously ...)
- auditors, external accountants and tax advisors,
- notaries and other members of independent legal professions (lawyers!) when they participate in :
- the purchase and sale of real estate or commercial enterprises
- the management of funds, securities or other assets belonging to the client
- opening or managing bank, savings or wallet accounts
- the organization of the contributions necessary for the constitution, the management or the management of companies
- the formation, management or management of trusts / trusts, corporations, foundations or similar structures
- corporate and trusts / trust service providers ...
- real estate agents
- other persons negotiating goods, where payments are made in cash for an amount equal to or greater than € 10,000
- gambling service providers
Our prices are quite competitive !
As IBAKUS® applications are aimed at small and medium-sized companies, we are well aware that price is an important element.
Cloud Computing technology allows us excellent efficiency while compressing our operating costs to the maximum, so why not benefit ?
The prices charged are defined in the grid below. The simulator allows you to estimate your monthly cost based on your own volumes.
For volumes above the grid> CONTACT US !
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A first class security
The security of your data is our priority. IBAKUS® complies with the most stringent Luxembourg standards. Your data is hosted on a PSF certified server in the Grand Duchy of Luxembourg.
A PSF host server is an entity controlled by the CSSF, the Financial Services Authority.
Access to the server is protected by two firewalls of different technology, and the data is automatically replicated to a second hosting site, which guarantees the restart of the application within 4 hours in the event of a major crash.
In addition to all this, you can opt for encryption of your data, by introducing your own encryption key in KYC Settings.
Learn more about IBAKUS®KYC and KYC compliance rules
The basic concept
The entry into force of the 4th Directive makes the anti-money laundering procedures compulsory. This is an indisputable fact.
Our solution is SME oriented, because the size of a company does not exempt it from the KYC process. However, we must be able to comply with an economically bearable cost. This is the goal of the IBAKUS® team.
The IBAKUS®KYC app meets your KYC needs as follows:
You define a standard KYC process to know all your customers >> it is the question of the definition of the PROFILES of the customers
You verify the respectability of your customers via, in particular, the recognized Dow Jones database,
You gather all the information and documents at your disposal on each client >> Two databases, one for the Natural People, the other for the Legal Entities are at your disposal to organize the storage of information
You save the collected information in our PSF certified cloud located in Luxembourg,
You edit all forms related to the customer, according to your needs,
You edit reportings and review automatically, according to your schedule.
IBAKUS®KYC allows you to collect and gather, in a single secure place, all the necessary information and documents about your customers, make them accessible to all those who need them and in a suitable formalism, throughout your relationship with your customers.
With IBAKUS®KYC, you have a tool:
- 100% European (based on the 4th AML Directive), thus meeting the GAFI standards. The application is quite usable in other jurisdictions than the European Union.
- easy to use and parameterize,
- effective as designed in collaboration with experienced professionals in the financial sector,
- Accordance with the legislation in force.
The first 30 days are free, feel free to register to discover the ergonomics of the application and all its features.
The legal bases
At the European level
European Directive 2015/849 / EC of the European Parliament and the Council of 20/05/2015 (so-called 4 ° Directive) on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing. This Directive came into effect on June 26, 2017.
At the Luxembourg level
Law of 12/11/2004 on the fight against money laundering and the financing of terrorism (AML / CFT Law) as amended by the Law of 17/07/2008 and 27/10/2010.
Grand-Ducal Regulation of 01/02/2010 clarifying certain provisions of the amended law of 12/11/2004 on the fight against money laundering and the financing of terrorism (RGD LBC / FT).
Law of 27 October 2010 on strengthening the legal framework in the fight against money laundering and the financing of terrorism; on the organization of controls on the physical transport of cash entering, passing through or leaving the Grand Duchy of Luxembourg and on the implementation of United Nations Security Council resolutions and acts adopted by the EU with financial prohibitions and restrictive measures against certain individuals, entities and groups in the fight against the financing of terrorism.
Grand-Ducal Regulation of 29/10/2010 implementing the Law of 27/10/2010 on the implementation of UN Security Council Resolutions and acts adopted by the EU containing prohibitions and measures financial restrictive measures against certain persons, entities and groups in the fight against the financing of terrorism as amended by the Grand-Ducal Regulation of 03/08/2011.
The draft Law 7128 transposing the 4th Directive was tabled in the Chamber of Deputies in June 2017 and should be voted before the end of 2017.
Luxembourg: regulations, recommendations and other circulars
Circular 20/10 CRF relating to the article of the (amended) Law of 12/11/2004 concerning the fight against money laundering and the financing of terrorism;
For FSPs: CSSF Regulation n ° 12-02 of 14/12/2012 on the fight against money laundering and the financing of terrorism
For Certified Public Accountants: Recommendations issued by the CAB
For tax and / or economic advisors: Circular n ° 770 issued on 01/08/2014 by the Registration and Domains Administration
Security: encryption and secure hosting
All IBAKUS® applications run on the Cloud Computing system.
All data exchanges between the user and the server are done according to the https protocol.
The storage of our programs, the "Dow Jones Risk & Compliance list" and your data, is done at Treetop, a PSF host in Bertrange (G.D. of Luxembourg).
It's the most secure solution we've found in the world, at an affordable price.
As a PSF host, regulated and supervised by the Commission de Surveillance du Secteur Financier (the Luxembourg Financial Markets Authority), Treetop PSF (www.treetoppsf.com) implements the best IT procedures both in terms of the capacity and reliability of the machines storing the data. data, only at the level of access protection.
Concretely, access to the server is protected by two firewals of different technology. The CSSF certification also provides that in the event of a total breakdown at the hosting provider, another hosting center will take over within a maximum of 4 working hours.
In addition, we give the user the ability to encrypt their personal databases. Access to the data is only possible after entering an encryption key specific to the user's organization. So only the members of his organization are even visualizing the data. A security procedure is provided for the loss of the encryption key.
We sincerely believe that your data is perfectly safe, much more than it could be in a local server. The professional hosting provider has substantial financial means to implement security procedures that no SME is able to afford.
Working on a Cloud Computing system relieves the user of complex and tedious procedures such as program updates and daily security copies. Here are some less tasks that you will enjoy !
The Legislation provides that it is necessary, after the end of a relationship with a client, to keep the data for a minimum of 5 years, or even a second period of 5 years.
We have taken the option of automatically keeping the archived data for 10 years.
Archiving a file, for both Natural or Legal Person, is billed at a very small amount (see financial conditions) during the first 12 months of archiving. Then it's free.
An archived file can always be unarchived to resume a normal status, to be consulted and possibly to be re-archived after a period of 1 month.
Perfectly suited for the professions of Law and Finance
Professions of Law: Lawyers, Notaries, Legal Consultants, ...
Professions of Finance : Chartered Accountants, Accountants, Auditors, Family Offices, Wealth Managers, Consultants, ...
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