Ingenique is pleased to announce the General Availability of Sentinel-MC – our solution to AML/CFT (Anti Money Laundering/ Counter Financing of Terrorism) for Money Changers. Sentinel-MC is fully integrated with our MoneyConnect System, and it allows Customer Due Diligence (CDD) to be conducted at the point of sales using MoneyConnect tablets.
Compliance with MAS Notice 3001.
Sentinel-MC is designed to meet the rigorous requirements of MAS Notice 3001 for money changers. From customer on-boarding, customer due diligence, customer screening to record keeping, MoneyConnect with Sentinel-MC helps you meet MAS Notice 3001 requirements cost effectively. See how Sentinel-MC is built for MAS 3001 here: Sentinel-MC and MAS Notice 3001.
Conduct CDD in minutes
Using MoneyConnect tablets, Sentinel-MC allows you to integrate CDD measures into the checkout process of all relevant transactions. You can create customer accounts and save their identification documents and letters of authorisation electronically by taking photos of the documents with the MoneyConnect tablet’s in-built camera application. There is no need to have a separate scanner or photocopying machine. The information is then stored and shared with all other MoneyConnect users.
Most importantly, Sentinel-MC pushes your compliance processes to the front end staff. Once the customer account is created, you can screen the customer against Sentinel-MC database for possible blacklist, PEP (Politically Exposed Person) matches and past relevant transactions. You can then tag a customer to a transaction. If the customer represents a company or other beneficial owners, you can tag the company and unlimited number of beneficial owner to the same transaction. All these are done within minutes, right in front of the customer!
Screen customers at the point of sales
The MoneyConnect tablet ensures every relevant transaction is screened against the Sentinel-MC database (hosted by Ingenique Solutions) for personnel and entities with high AML/CFT risks. Sentinel-MC checks the customer in three categories, whether:
|the person or entity belongs to an FATF high risk jurisdiction,
|whether the person or entity is blacklisted under all the sanctioned lists, and
|whether the person is a PEP.
Using an advanced search technology, Sentinel-MC gives you a real-time confirmation within seconds. If there is a match, you can browse through the matched information and decide on the spot whether the transaction warrants higher risk handling.
That is not all. Sentinel-MC takes a step further in helping you decide whether a transaction is a suspicious transaction. If the customer has traded with you before, Sentinel-MC is able to comb through volumes of records to retrieve past transactions of the customer and display the information on the tablet. You can browse the earlier transactions to decide whether the new transaction is consistent with the customer’s profile.
Records keeping and audit trail.
For all relevant transactions, the MoneyConnect System prints two duplicated receipts – one for the customer, and one for you. The customer signs on the duplicated receipt, which you can either keep it as a hardcopy, or store it digitally using the MoneyConnect camera application.
All relevant transaction screening results are stored in the MoneyConnect System for record keeping, audit, review and evidence reconstruction purposes. You can review these relevant transactions and the screening results using the MoneyConnect tablets.
- Latest Updates on Hong Kong Anti-Money Laundering Regulations
- Ensuring the New Anti-Money Laundering and Terrorism Financing Compliance: A Step-by-Step Guide for Developers in Singapore
- Guide for HK DPMS: Registration Process, How to Do AML and Useful AML Tools (With Tips on Waiver of Registration Fee)