In this update….
- Retro and Preview: A quick 2019 retrospective, and a peek ahead to 2020.
- OCDD: Ongoing Customer Due Diligence is in Training
- PEP Checks: They’re coming to OCDD, but do you need them sooner?
- Ongoing Records Management: We’ve pushed the new charge out to 1st February.
- 2Tips: A couple of tips to make 2Shakes even better for you.
2019 Retro, 2020 Preview
It’s been a huge year for 2Shakes, and the feedback from our customers is the same. Believe it or not, it was only the beginning of 2019 when we released the AML Only feature. Since then the team has grown, and we have been working hard to continuously improve 2Shakes and to deliver new features to help you.
AML/CFT has definitely been the predominant theme for the year for many of you, and with good reason. When we look back, our biggest highlight of the year has been helping you with the additional compliance brought on by you first year of AML. It has been difficult for everyone, but we have also found it enormously rewarding.
We immersed ourselves in AML, and through that were able to give you advice, put on free webinars and enhance our software, all to make AML less daunting for you. Many 2Shakes users had their first AML audit and we were absolutely delighted to hear such positive feedback. And from chats we’ve had on the phone and at conferences, we know many of you couldn’t see a way through AML without 2Shakes. That sort of feedback really leaves a deep impression on us, and it helps drive us forward to keep looking for new ways to help you. Thank you.
When we started with AML, the focus was on Customer Due Diligence. Then on the Annual Report and Audits. We are now bringing you Ongoing CDD features just when you need them, and will keep adding new, innovative ways to make AML CDD as easy as possible for you in 2020.
As well as AML, we have been researching several other areas where the 2Shakes platform can help businesses onboard their customers. We are really excited by the potential to help our existing customers even more, as well as help whole new sectors with onboarding. 2020 is looking very exciting, so watch this space!
So you’ve prepared for AML, started using 2Shakes for AML Customer Due Diligence, submitted your Annual Report to DIA, and maybe been through an audit already.
Now you need to be thinking about Ongoing CDD (OCDD). You need to carry out periodic Ongoing CDD for customers you have an ongoing relationship with.
Fortunately, 2Shakes is on to it! We have just released our first batch of OCDD updates into our Training environment for you to have a play. Please let us know your feedback, and many thanks to those who already have – very positive, thanks!
The first OCDD release will go live early next year, and we are already working on more enhancements to help.
And yes, one or two of you have already commented on the new acronym. We’ve been having a chuckle at it too. So if you are at work, and you’re in an “OCD” kinda mood, it could be a good time to do some OCDD!
Checking to see if the people you are doing business with are “foreign Politically Exposed Persons” (PEPs) is an integral part of AML customer due diligence. Hence, every 2Shakes Electronic ID Verification includes a PEP check.
If you have being doing Manual ID Verification, it’s important you still do the PEP check. If there are people you haven’t done a PEP check for, or if the check wasn’t comprehensive, we can help! The next batch of OCDD updates we are working on now includes an electronic PEP check for people you manually ID Verified.
Got an audit coming and can’t wait? Remember, you can still get your PEP done before we roll out the PEP updates. Here’s how:
You can either:
- Logon to the 2Shakes’ Centrix portal (available to 2Shakes’ Centrix Subscribers) and do the PEP check yourself , or
- Contact us and we’ll help you with a PEP Check Spreadsheet for the people you want to check.
If you need help for either option, please contact email@example.com and we’ll help you through.
Ongoing Records Management
Over the last few years 2Shakes has become a system of record for our customers, who need to keep compliance information for many years. We have never previously charged for this, since the cost was covered by an amazing sponsorship from the great people at Microsoft.
Earlier this year, our 3-year Microsoft sponsorship ended, and we have been absorbing the ongoing records costs since. Last month we announced to customers a new charge to cover records management and Ongoing CDD.
We have been so focused on delivering the Ongoing CDD updates that we decided to prioritise the new features over the new charges – something we think aligns with our values by putting our customers first. So we decided to push out the introduction of the ongoing records charges until the 1st of February.
Page 1 is Just Your Client
Whether you are doing Sign Up with AML or AML Only, Page 1 in 2Shakes is your Client List. Just add your client here (the people and/or organisations you’ll be doing work for). You don’t need to worry about who the AML Beneficial Owners of the client are until the AML CDD page.
Permanent Delete Feature
You can get anything back from Archive, but if you want to permanently Delete, you can turn on Allow Delete in your Dashboard. For customers using AML features, please remember that DIA requires Reporting Entities to keep AML/CFT records for a minimum of 5 years from the end of the business relationship or the completion of an occasional transaction. Please see here for specific information for your industry.