Watchman for Professionals
Watchman for Professionals supports a risk-based approach to meeting the ever-tightening regulatory requirements associated with anti-money laundering and customer due diligence. This comprehensive compliance package performs multiple verification and security checks, in real time, during the transaction process.
The Compliance Platform
This suite of checks and reports is the baseline requirement for any professional travel money retailer. Watchman’s Compliance Platform combines data from a range of sources to give compliance departments the automated tools that they need to fulfil their role.
Politically Exposed Persons and Sanctions
Watchman performs checks against Sanctions lists as well as identifying Politically Exposed Persons (PEPs) to enhance compliance with current regulations.
The platform offers the facility to record unwanted customers that have attempted to defraud the company or act illegally. The system will automatically run checks against this list and give a ‘Do Not Transact’ warning.
Watchman checks customers’ transaction histories to ensure that order value limits are not breached, or to highlight high frequency of transactions that may not comply with company policies and/ or AML regulations.
Watchman facilitates secure storage of scanned ID documents, linking them to customer/transaction records. Scanned documents can be readily retrieved for returning customers, as well as for auditing purposes.
Watchman’s reporting capabilities provide assurance that clients can evidence compliance through a comprehensive audit trail. Data can be extracted in a report format suitable for submitting direct to HMRC, supporting their auditing process.