jComply delivers KYC and AML solutions

Finance clients extend the use of jComply to support KYC and Anti Money Laundering.

Bracknell, UK – 21 June 2010 A number of Tabaq Software´s clients have acquired jComply to support the management of policies and procedures particularly to meet FSA legislation.

jComply, enables the user to create and manage policy documents using the built-in review and approval workflow, disseminates the documents to employees, train the employees, tests their knowledge on policies and procedures and generates reports on the company´s compliance level.

Additional modules to support the process of compliance include accident and incident management, risk assessment, audit, e-forms and a mobile module for supporting field workers.

Within the e-forms module one client has requested additional development support that will enable the organisation to carry our client fact finds within the jComply´s secure and auditable environment and apply business rules and logic behind the template that will ensure suitability of the client services that has been approved through corporate set parameters.

The Solution.

jComply already has a number of built in features that can be extended to support the project for example the application has existing templates that are developed using JSP that allow for such e-templates to be linked to a back end data base that when recalled will display such captured data within the chosen template, it also enables the e-form to act in a dynamic fashion depending on the results of an input.

Workflow and version control are of paramount importance as is user validation, these features are also standard within jComply.

Within this e-form module, specific operational e-form templates have been designed and built into the application and appear in the users functionality page similar to the ones shown below for Accident reporting.

Know Your Customer

This concept is to be applied to the client fact find (KYC), where Tabaq Software take the current design and provide it to users within jComply and then staff who are responsible for carrying out the interviews carry out this function within the e-forms section of jComply.

As can be seen from the Accident Report example above, an interviewer can carry out the fact find as per normal, if they have a need to save content mid way through they can do so and revisit the partially completed document at a later date. All this is carried out via a standard web browser and so requires no client software to be down loaded onto the user´s PC.

Certain sections can be excluded from the initial interviewer and be only completed by a senior manager who might be included within the workflow requirements of the fact find.

As each filed item will be placed and stored within its own section of a back end data base, the form can be produced to be linked into other applications such as CRM systems.

This will ensure an existing client is recognised and certain fields of data can be pre completed by way of auto exporting or other data might be useful to cross validate such as income and expenditure if already held.

Over the past year, Tabaq have worked with a number of partners to provide risk assessment and auditing modules for jComply. The same algorithmic coding to provide weighting to each question will be extended into the fact find e-form to provide a scoring facility within the fact find form.

This can also extend to minimum criteria for overhead to spare investment capital ratios or liquidity suitability of the applicant.

The current fact find process is based on an interviewer´s own subjective opinion as to the suitability of the applicant, this experience can still be used for client selection however, thresholds of suitability are to be introduced by way of a suitability score running through the e-fact find which can dictate the user´s next available action.

The final sequence within this project will be to extend the client learning area to be within jComply.

Due to the nature of our client´s services, a requirement from the FSA is to ensure all clients are familiar and aware of the pitfalls and possible loses when investing.

Utilising the built in e-learning module within jComply the applicant can now be given access to learning material via the secure web browser functionality for such a user to read learning material and attempt tests and examinations to demonstrate competence in this topic.

This in turn is all recorded within the reporting features in jComply thus clearly illustrating compliance to an auditor.

Failure of non-compliance with the industry related directives can result in serious consequences for the organisation such as defamation, imprisonment, financial loss, sanctions, loss of customers, etc.

More and more companies are embracing technology for process control. In order to not only survive but to thrive in today´s highly competitive and regulated environment, companies have to ensure that their internal policies and procedures are in compliance with external policies and directives relevant to their businesses.

Anti–Money Laundering

To support AML regulations, a suspicious activity report (SAR) has been developed for another client who could see the use of the e-form module and the workflow and reporting features within jComply in providing an internal reporting process from the reporter to the MLRO (Money Laundering Reporting Officer) that supported their FSA requirements in this area.

This is now available commercially within the e-forms module.

About jComply

jComply is a complete 360° application to introduce policies and procedures in the company. jComply enables you to create and manage policy documents using the built-in review and approval workflow, disseminates the documents to the employees, trains the employees, tests their knowledge on policies and procedures and generates reports on the company´s compliance level.

Additional modules to support the process of compliance include accident and incident management, risk assessment, audit, e-forms and a mobile module for supporting field workers.

In this day and age, every mid to large size company is regulated by some authority or government body. For banks and building societies, it is FSA, EU, MiFID, FATF, Basel Committee; for healthcare it is BMA, CHRE, GCC, GOC, GMC and more; for pharmaceuticals, it is BNF, MHRA, FDA; for local and Central Government, it is ODPM, DWP etc. There are standards such as Sarbanes-Oxley, Basel II, IAS, etc. to comply with, depending on the sector in which the company is operating. Internally, companies have their own policies and procedures which employees and departments need to follow. Surprisingly enough, a lot of employees are not even aware of some of the common policies relevant to their businesses.

Failure of non-compliance with the industry related directives can result in serious consequences for the organisation such as defamation, imprisonment, financial loss, sanctions, loss of customers, etc.

More and more companies are embracing technology for process control. In order to not only survive but to thrive in today´s highly competitive and regulated environment, companies have to ensure that their internal policies and procedures are in compliance with external policies and directives relevant to their businesses.

To find out more about jComply, visit  www.jComply.com/about-jcomply.

About Tabaq Software

Tabaq Software specialises in designing and developing enterprise compliance solutions for the heavily regulated sectors such as finance and banking, healthcare, pharmaceuticals, airlines, etc.

Our solutions not only help our customers mitigate the compliance risk but also help them in developing a strong compliance and corporate governance culture through training and educating their employees on the relevant policies and procedures.

Tabaq Software also provides bespoke software development services. The development services include application development, application re-engineering, application integration, mobile application development, web 2.0 development, content management systems, project management and complete outsourcing.

To find out more about Tabaq Software, visit  www.tabaqsoftware.com.