KYC/AML
The KYC/AML Working Group, comprised of participants from Global Fund Services member firms, aim to standardise and share best practices on KYC/AML policies across multiple jurisdictions with a view to creating a more harmonised investor journey.
Key objectives & initiatives
KEY OBJECTIVES
1. Understand the market norm as applied to KYC & AML
2. Educate, inform and influence the wider industry, including responding to regulatory updates
3. Review existing published documentation and ensure that it is current and complies with new legislation.
4. Jurisdictions covered by the subgroup are UK, Ireland, Luxembourg, Hong Kong, Taiwan & Singapore.
KEY initiatives
Establish and document best practice and challenge existing practices, focusing initially on the following topics:-
1) Expand existing UK AML docs to incorporate other jurisdictions
2) Create new GFS AML webpage contents
3) Blocked accounts classification for AML purposes and measures on reducing.
4) Adoption of global standards re: digital ID for AML purposes
5) Standardisation on electronic vs. original documentation.
6) AML Automation & digital onboarding journey.
7) Sanction program and process including screening requirements.
AML/KYC Guidance Documents
Please click on the title below to access the document: –
5AMLD Summary
5AMLD – Post Implementation Review
Bridging the gap between AML policy and desktop procedures
Investor Bank Account Validation
Investor Risk Ratings Guidance Note
Registration of Trusts on TA Systems
Three Lines Model
AML Blocking Reasons
Politically Exposed Persons – Best Practice Guide
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