Frequently Asked Questions
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Company
FinObserve is a technology firm that provides unique solutions and software for obligated institutions, streamlining KYC (Know Your Customer) and KYB (Know Your Business) processes, supporting compliance with AML (Anti-Money Laundering) regulations, and enabling effective risk management.
FinObserve was founded in July 2024.
The headquarter of FinObserve is located in Kraków, Poland.
FinObserve provides solutions for all AML-regulated institutions, regardless of their size or type of activity.
FinObserve provides a range of services focused on financial risk monitoring, including:
Client Risk Assessment: Automated analysis of data from sanctions lists, PEP databases, and other sources to identify risks related to money laundering and terrorist financing.
AML Compliance Monitoring: Support for maintaining AML compliance through real-time updates of client data and detection of suspicious transactions.
Reporting and Notifications: Generation of comprehensive reports and alerts on non-compliance and potential AML-related risks.
Our flagship offering is FinAP CheckLists, a cutting-edge tool for automating financial risk analysis. FinAP CheckLists seamlessly integrates data from sanctions lists, PEP databases, and other sources, enhancing client risk assessment and ensuring robust AML compliance.
Product and data sources
FinAP CheckLists is a robust tool designed for automating the verification and analysis of client information within the framework of anti-money laundering (AML) monitoring.
It aggregates data from a range of sources, including sanctions lists, databases of politically exposed persons (PEP), and other critical registers, into a single, easy-to-use platform.
Featuring advanced compliance search capabilities and analytical tools, FinAP CheckLists enhances risk assessment and ensures up-to-date client information, effectively supporting AML compliance and risk management.
FinAP CheckLists helps obligated institutions better assess their risk by verifying the profiles of both new and existing clients. The system enhances efficiency through process automation, which lowers operational costs and minimizes the risk of regulatory fines.
Our system offers:
Comprehensive Data Access: Integrates data from over 500 official sources, including sanctions lists, PEP databases from over 100 countries, and many other databases, providing thorough and accurate client information.
Process Automation: Automates data verification and analysis, significantly reducing the time and effort required for risk management and AML compliance.
Up-to-Date and Accurate Information: Regularly updated data ensures high precision and relevance for effective monitoring and control.
In-Depth Risk Analysis: Provides detailed risk assessments and helps identify potential threats, supporting more effective risk management.
Ease of Use: Features an intuitive interface and convenient tools for quick and easy access to data and report generation.
Compliance Assurance: Supports ongoing compliance with AML requirements through continuous monitoring.
We source data from over 500 official, publicly accessible, and reliable sources.
Our PEP and RCA database is created and updated by a team of analysts using information from over 100 countries and global sanctions lists, which include more than 100,000 records.
We collaborate with official registers and databases to ensure the highest quality, accuracy, and currency of information. This allows for effective risk identification, compliance monitoring with AML regulations, and combating money laundering and terrorist financing.
FinAP CheckLists' databases are updated once a day.
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Yes, FinAP CheckLists offers an API that allows integration with other systems and automation of processes related to data verification and monitoring.
If you are interested in the API solution, please refer to the API documentation below.
AML (general)
Anti-Money Laundering (AML) refers to a set of actions aimed at preventing money laundering and terrorist financing by monitoring and controlling financial transactions and verifying the identities of clients.
A Politically Exposed Person (PEP) is an individual who holds a prominent public position or performs a significant role in government or administrative functions. Under anti-money laundering and counter-terrorist financing regulations, the transactions and relationships of PEPs are subject to enhanced scrutiny.
The definition of a PEP can vary by country and may include different categories of individuals depending on local laws and administrative structures.
Know Your Customer (KYC) is a process designed to verify the identities of clients.
The primary objective of KYC is to prevent money laundering and terrorist financing by collecting and validating personal information and identity documents.
This procedure involves identifying the customer, assessing their risk profile, and monitoring financial transactions to ensure they comply with legal and regulatory requirements.
Ultimate Beneficial Owner (UBO), or beneficial owner, is the individual who ultimately benefits from or controls a company or legal structure, deriving real financial benefits or exerting control over its operations.
Client due diligence (CDD) is the process of assessing a client's identity and evaluating the risk associated with their activities, used to prevent money laundering and terrorist financing. CDD includes client identification, risk assessment, and transaction monitoring."
Enhanced Due Diligence (EDD) is a comprehensive verification process applied in higher-risk scenarios, such as clients holding senior public positions or coming from high-risk countries. EDD involves more rigorous information verification, detailed risk analysis, and increased frequency of transaction monitoring.
Know Your Business (KYB) is the process of verifying the identity and assessing the risk of business clients, including the examination of company ownership and structure.
Know Your Third Party (KY3P) is the process of evaluating the risk associated with external partners and suppliers, ensuring that they comply with regulations and do not pose a risk to the company.
Know Your Market (KYM) is a strategic process focused on analyzing and understanding the market landscape where a company operates. It involves collecting data on market trends, competitive dynamics, and regulatory factors that could affect the business. The objective of KYM is to enable the company to make informed strategic decisions, thereby reducing risks and enhancing growth opportunities.
Contact & Price
Who can I contact if I have more questions?
If you have additional questions, please contact our expert. Choose a convenient method of communication using the link below or via chat.
What's the price range of your product?
Prices vary depending on the number of solutions required, the number of identifications, and other factors.
For detailed information, please contact our expert. Choose a convenient method of communication using the link below or use the chat option.