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Need help with Compliance?

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QUESTION

How do I set up my Risk Profile?

ANSWER

There are two ways of accessing the settings for your Policy Enforcement. Under Business Management > Transactions > Settings and under Compliance > Policy Enforcement > Exchange. Make sure that you are on the tab, Policy Enforcement - Exchange. Select the checkbox for using Policy Enforcement at the top of the screen. The Policy Enforcement is comprised of three sections - Risk Profile, Risk Scoring and Enforcement. Risk Profile is where you specify what specific actions need to be taken when a transaction is recorded, and what actions constitute enhanced due diligence. For example, you may choose that declaring the Source of Fund and Purpose of Transaction is necessary for all transactions, in which case, you would check these boxes for all amounts. If a transaction requires enhanced due diligence, you may require Customer Details to be recorded and Customer Screening to be conducted - in such a case, you would check these options for Enhanced Due Diligence.

You can later specify that certain actions require enhanced due diligence such as wishing to transact a large amount of money. In Singapore, a currency exchange of $5,000 requires the recording of customer details, hence you would want to activate enhanced due diligence for this amount. This in practice could mean that this transaction cannot be saved in the system, until tellers input customer details depending on your settings. To configure this navigate to the Risk Scoring screen.

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