KYC & AML Framework

The ever-evolving regulatory landscape is forcing financial institutions to solve multiple regulations and compliance rules simultaneously. These regulations dictate a different set of data, documentation, and regulatory classification requirements, putting increased pressure on already stretched compliance, data management, and onboarding teams.

LutinX Regulatory Protocol provides an out-of-the-box repository of rules, which can be easily configured by financial institutions to future-proof against evolving regulatory and operational requirements. The Rules Engine supports the regulations required for investment, corporate and private banks to be compliant, including:

• KYC and AML Regulations e.g., Patriot Act, 3rd and 4th EU Anti Money Laundering Directive, FINRA Rules, etc.;
• Tax Regulations e.g., Common Reporting Standard, FATCA, UK CDOT;
• Global OTC Derivative Regulations e.g., Dodd-Frank (US), EMIR (EU), Margin Requirements;
• Market Reform Rules e.g., MiFID II.

Benefits of Using LutinX

Drive Digital Transformation

Gain agility and maximize operational efficiency by centralizing onboarding and client lifecycle management across multiple jurisdictions and lines of business.

Improve Time to Revenue

Expedite client onboarding and ensure best-practice compliance with our rich regulatory rules engine and sophisticated workflow capabilities.

Enhance Client Experience

Provide a more consistent, digital experience across all customer-facing channels powered by a seamless, 360-degree view of each client.

Solve Regulatory Obligations

Ensure compliance with a wide range of global and regional AML, KYC and Tax regulations across the entire length of the client lifecycle.

GDPR Compliance

On May 25th, 2018, the General Data Protection Regulation (GDPR) came into full force impacting any bank in the world that stores or processes personal information on EU citizens. GDPR marks a significant development in the field of data protection law. It mandates banks to undertake a significant amount of change in terms of how they organize their processes, operations and technologies to help meet the stringent requirements that this regulation demands.

With extreme penalties at stake, GDPR poses a massive operational, compliance and technological challenge for banks due to the volume of data and documentation collected, stored and processed on private individuals.

Anti-Money Laundering (AML)

LutinX AML is a rules-driven, risk-based approach to solving Anti-Money Laundering compliance obligations across multiple jurisdictions, including BSA, 4th EU Anti-Money Laundering Directive & APAC-specific regulations.

Anti-Money Laundering compliance involves knowing who you are doing business with, identifying where the source of funds originates, and determining all known counterparties and associations' identities. Financial institutions must undertake a rigorous approach to AML compliance with severe reputational and financial penalties on the line.

LutinX Anti-Money Laundering is a robust and proven AML compliance software solution that seamlessly integrates with the LutinX Client Lifecycle Management suite.

4th AML Directive Overview

The Fourth EU Anti-Money Laundering Directive (4MLD), effective from June 26th, 2017, is intended to deliver a greater focus on ultimate beneficial ownership and an enhanced risk-based approach to compliance. The Directive provides stricter requirements for compliant Client Lifecycle Management and Know Your Customer processes, strengthens risk-based approaches, and prompts the removal of Customer Due Diligence (CDD) exemptions.

The Fifth EU Anti-Money Laundering Directive, set for implementation in 2018, will enforce this further by introducing a stricter beneficial owner threshold of 10% for high-risk entities.

AUSTRAC Compliance

AUSTRAC issued the AML CTF Act in 2006, which requires reporting entities to verify a customer's identity before providing a designated service to the customer. The AML CTF Rules sets out the minimum customer identification information and information about beneficial owners, which reporting entities must obtain and verify. Reporting entities are also required to identify and declare whether a customer or the customer's beneficial owner is a 'politically exposed person' (PEP).

LutinX's rules-driven Anti-Money Laundering and Regulatory Rules Engine compliance solutions are uniquely designed to protect your financial organization against AUSTRAC regulations.

HKMA AML Compliance

On 1 March 2018, The Hong Kong Monetary Authority (HKMA) enacted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2017, requiring covered financial institutions to comply with statutory customer due diligence (CDD) and record-keeping requirements. These enhancements aim to bring Hong Kong's regulatory regime in line with FATF recommendations and to safeguard the integrity of Hong Kong as a global financial center.

Contact

Company: Lutin Technologies Ltd.
Email: compliance@lutinx.com
Subject: "AML Compliance Inquiry"