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Nederlands
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MANAGED SERVICES
OUTSOURCING OF KYC AND SCREENING

In recent years, organizations falling under the scope of

the Wwft or WTT have faced increasing expectations

for their role as gatekeepers. It is not an easy task.

he regulatory landscape undergoes frequent changes, and regulatory authorities

have become more active in their oversight.

Newspapers are filled more and more with articles about sanctions,

fines, and individuals suspected of money laundering.

The risk of having your (company) name featured in the news is growing.

To comply effectively with all the regulations, costs are rapidly escalating.

MANAGED SERVICES
UITBESTEDEN VAN KYC EN SCREENING




In recent years, organizations falling under the scope of

the Wwft or WTT have faced increasing expectations

for their role as gatekeepers. It is not an easy task.

he regulatory landscape undergoes frequent changes, and regulatory authorities

have become more active in their oversight.

Newspapers are filled more and more with articles about sanctions,

fines, and individuals suspected of money laundering.

The risk of having your (company) name featured in the news is growing.

To comply effectively with all the regulations, costs are rapidly escalating.

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KYC and Screening, our core business

Complying with regulatory requirements consistently is not an easy task. It requires continuously monitoring changes and incorporating them into your policies and procedures. Moreover, in recent years, major banks in the Netherlands have significantly expanded their workforce in the KYC and AML monitoring domain. This makes it challenging for small and medium-sized organizations to find the right expertise in the market. In many cases, these functions need to be duplicated to ensure proper quality control and cover absences. Consequently, it results in high costs for a process that is not your core business.

This is precisely why BlueMonks exists. We have made KYC and screening our core business. Our team of specialists works with various clients, allowing us to keep the costs per file low. By leveraging our expertise and economies of scale, we provide an efficient and cost-effective solution for organizations like yours.

Plan a meeting with us


KYC and Screening, our core business

Complying with regulatory requirements consistently is not an easy task. It requires continuously monitoring changes and incorporating them into your policies and procedures. Moreover, in recent years, major banks in the Netherlands have significantly expanded their workforce in the KYC and AML monitoring domain. This makes it challenging for small and medium-sized organizations to find the right expertise in the market. In many cases, these functions need to be duplicated to ensure proper quality control and cover absences. Consequently, it results in high costs for a process that is not your core business.

This is precisely why BlueMonks exists. We have made KYC and screening our core business. Our team of specialists works with various clients, allowing us to keep the costs per file low. By leveraging our expertise and economies of scale, we provide an efficient and cost-effective solution for organizations like yours.



Plan a meeting with us


GATEKEEPER FUNCTION

In recent years, organizations falling under the scope of the Wwft or WTT have faced increasing expectations for their role as gatekeepers. It is not an easy task. Once you have established your Risk Appetite within your own organization and conducted a comprehensive Integrity Risk Analysis (SIRA), determined mitigating measures, and implemented them in policies and procedures, the real operational analysis work begins.

Each customer dossier needs to be analyzed and updated to determine the account owner, the source of funding for the account, and the purpose of the account, following the Know Your Customer (KYC) principle. This is all done to prevent your organization from facilitating money laundering and/or terrorism financing.

This places significant demands on you. The legislator expects you to play a vital role as a guardian of the integrity of the financial system. While this is crucial, we understand that it may not have been the primary reason for the establishment of your organization. Therefore, BlueMonks has examined how we can best support you in all your Customer Due Diligence (CDD) activities and ensure your compliance with national and international legislation, including the Wwft, SW, and WTT.

OUTSOURCE KYC

To address all the challenges in Anti Money Laundering (AML), BlueMonks has established the Managed Service CDD as a Service (CaaS). Our team of analysts can be deployed to handle your KYC analysis work. Our analysts embrace the opportunity to work for multiple gatekeepers in various industries such as Trust Offices, Crypto Exchanges, Investment Companies, and Banks. You can leverage the scalability of our team without having to establish everything within your own organization. But BlueMonks goes further. We assist you in keeping your policies and procedures up to date, ensuring ongoing compliance with applicable legislation, including the Wwft, Sanctions Act, and/or WTT. We can provide an annual update of your Integrity Risk Analysis (SIRA) and handle the cyclical reviews of your KYC files on your behalf.

COMPLETE RELIEVE

Naturally, the following components are standard inclusions in our services:

  • Adverse media monitoring
  • Source of Wealth/Funds analysis
  • PEP (Politically Exposed Person) screening
  • Complex corporate structures analysis
  • Sanction screening
  • UBO (Ultimate Beneficial Owner) verification
  • Creation or supplementation of KYC files
  • Proposed risk classification
  • Transaction profiling (establishing expected transaction patterns)
  • Identification and verification processes

With our service, you gain direct access to our team of KYC experts. They don't need to learn the trade on your premises. We invest significant time in optimizing the work of our analysts, and our quality framework ensures the preservation of high standards. Thanks to our efficient workflow, the onboarding period for your clients is not dependent on analyst availability. If desired, we can update your policies and procedures with each regulatory change, ensuring ongoing compliance with Wwft/WTT requirements.

Expertise

BlueMonks has a team of experts specialising in financial and economic crime, with years of experience in identifying, mitigating and managing such risks.

Tailor-made solutions

BlueMonks offers tailor-made solutions tailored to each customer's specific needs, rather than a one-size-fits-all approach.

Innovative technologies

BlueMonks uses innovative technologies, such as artificial intelligence and machine learning, to identify and prevent financial and economic crime.

Regulatory compliance

BlueMonks has a deep understanding of the complex regulatory landscape surrounding financial and economic crime and we ensure that our clients are fully compliant with relevant laws and regulations.

Cost-saving

BlueMonks provides cost-effective solutions to our clients, enabling them to manage their financial and economic crime risks and keep costs manageable.

Proactive approach

BlueMonks BV takes a proactive rather than reactive approach to financial and economic crime, allowing our clients to identify and mitigate risks before they become a problem.

HOW DOES IT WORK?

1

Schedule a free, no-obligation consultation.

2

During the online conversation, we discuss the options.

3

Choose the service that suits you.

GET IN TOUCH

Interested in what BlueMonks could do for you in terms of unburdening your AML/KYC/FEC process?
Plan a meeting with us


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