Elevating Compliance with Client Scanner's Latest Feature

Client Scanner is excited to announce a new addition to our suite of compliance tools: the Client Risk Rating feature. In an era where regulatory compliance is paramount, particularly under the Financial Intelligence Centre Act (FICA) in South Africa, our latest feature offers a robust solution for businesses needing to risk rate their clients.

Why Client Risk Rating is Essential

FICA mandates that financial institutions and other obligated entities assess the risk level of their clients based on predefined criteria. This requirement is not just a regulatory formality; it's a critical component in the fight against financial crimes such as money laundering and terrorist financing. By accurately assessing client risk, businesses can tailor their due diligence efforts, allocate resources more efficiently, and ultimately protect themselves from legal and reputational harm.

Feature Highlights

Risk Legend

Our Client Risk Rating feature enables you to:

Set Up a Risk Matrix Framework: Establish a structured approach to evaluate clients based on various risk parameters with your own questions and points assigned to each - in real time! No more clunky spreadsheets.

Comprehensive Risk Assessment: Utilize a set of predefined questions set up by you (with our guidance) and parameters to accurately determine each client's risk level sou take the necessary steps thereafter.

Integration with Existing Features: Seamlessly combine this feature with our other offerings like PEP Screening, Sanctions Screening, and more.

Real-World Application

Imagine a scenario where an accountable institution needs to onboard a new client. With our Client Risk Rating feature, they can quickly assess if the client falls into a high-risk category based on factors like geographic location, nature of business, and transaction patterns. This assessment helps in deciding the level of due diligence required, ensuring compliance with FICA requirements.

Conclusion

The Client Risk Rating feature is more than just a compliance tool; it's a strategic asset that enhances your risk management capabilities. Alongside our existing features, Client Scanner continues to empower businesses with comprehensive, user-friendly, and reliable compliance solutions.

Experience this new feature and stay ahead in your compliance journey with Client Scanner.

Introducing the New Client Risk Rating Feature on Client Scanner