KYC for High Net Worth Individuals
Get to the point, keep your high net worth individuals happy and cover yourself against fast moving PEP and sanctions lists.
Solve your toughest AML challenges with high and ultra high net worth clients.
Complex entities and international UBOs.
The First AML platform helps you easily address:
- Tax haven domiciled entities
- Uncovering UBOs
- Family office complexity
- Unusual wealth types such as crypto, gems, NFTs and art
Ongoing Monitoring
Always up-to-date and accurate.
Ongoing monitoring
Source by First AML delivers effortless ongoing monitoring, delivering auto alerts to fundamental changes like beneficial ownership or document expiry.
PEPs, sanctions and adverse media
Real-time monitoring of over 1,100 PEPs and Sanctions lists worldwide with results delivered via exception-based reports.
Millions of clients are verified faster through 1000s of companies with First AML.
No 'back and forth'
We've done AML for years and have perfected the tools and processes to remove the most burdensome, time-intensive tasks.
Once you have the documents they're stored in the platform for future quick retrieval.
Exceptional experiences
First AML embeds excellent experience in the KYC/KYB process in these key areas:
- Original document collection, such as SoW and SoF
- KYC storage for quick retrievals
- Optimised workflows and smart tasks
- Smart automation that removes admin-heavy tasks
Publications on conducting KYC on ultra and high net worth individuals.
Part 1: Follow the money
If the Pandora Papers (and the Panama and Paradise papers) did nothing else, it shone a light on the extent to which the rich and famous go to, to shield their wealth, and how long it’s been going on. Find out how compliance teams should approach the heady world of HNWIs.
Part 2: Time poor and anxious.
It’s said that time is money, and when dealing with HNWIs it should be amended to include ‘and everyone wants some’. So how is a compliance team best to work with them?
Part 3: Family ties and alibis
There’s a reason families that get rich stay rich. Since the inception of taxation itself, tax avoidance, (and related tax havens) has been the go-to practise that helps rich people stay rich.
Part 4: Crypto, NFTs, gems and art.
It used to be easy. People made wealth through property, shares or a great salary. If they were really exotic they may have invested in fine art or gems. But nowadays, crypto and NFTs are a whole new ball game.
Unusual wealth types present unique challenges for AML efforts, and AML practitioners do best to strictly follow AML best practices to combat these challenges.