Advising the "mass wealthy" demands efficient systems to prove compliance.
Wealth Managers are under both regulatory and budgetary pressure:
- Anti-Money Laundering: there is no let-up in the pressure to ensure customers and beneficial owners are identified while their transactions are closely monitored.
- Product Due Diligence: wealth managers have to undertake more due diligence on the products they are offering their clients, not just recommending suitable products but ensuring they perform as expected.
- Know Your Client: understanding clients’ investment objectives is critical for any wealth manager, and these requirements have to be formally evidenced and periodically updated.
GRC-Maestro can be used as a quick and efficient GRC solution for Wealth Managers to meet their legal and regulatory requirements.
There are constant demands to drive down the cost of managing clients in a compliant manner while giving clients greater technology, Wealth Managers GRC challenges, include:
- Treating customers fairly: it is essential that wealth managers have a full audit trail to explain what advice clients were given, why and what authorisations they gave.
- Know Your Client: being able to definitively prove the client’s identity and/or the beneficial ownership of assets and the source of funds is critical. KYC record keeping is essential and regular risk based updates of information are required.
- Politically Exposed Persons: in addition to standard KYC it is necessary to identify PEPs (including family members) and associated businesses.
- Transaction monitoring: knowing what constitutes a suspicious transaction, flagging it, investigating and, if necessary, reporting to the authorities are required.
GRC-Maestro offers Wealth Managers the ability to implement GRC controls to meet the AML requirements in multiple jurisdictions, included risk based enhanced monitoring.