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LIVEEX – DNFBPS

LiveEx-Shield

According to FATF research, terrorist financiers and those who launder money are increasingly employing intricate business contracts to obscure their financial transactions. These agreements frequently involve attorneys, accountants, and business secretaries. Based on these typologies, FATF standards mandate that nations enhance their anti-money laundering and counter-terrorist financing (AML/CFT) procedures connected to DNFBPs. Designated Non-Financial Companies and Professions is the abbreviation for this phrase. The FATF uses this word to describe any industry or occupation that presents a risk of money laundering but is not a financial institution. Due to possible ML/TF abuse, this industry is risky.

Anti-Money Laundering Screening

One of the risk assessment techniques for current or potential clients of an entity subject to AML responsibilities is AML Name Screening. Using AML screening software will allow businesses to check their present and prospective clients for sanctions, PEP, blacklists/wanted lists, and undesirable media material. Using AML screening software will allow businesses to check their present and prospective clients for sanctions, PEP, blacklists/wanted lists, and undesirable media material.

Real Time Business Solution

Real-time business solutions from Circuit Computer could aid in streamlining the DNFBP’s operational procedures. Circuit Computer built the LiveEx DNFBPs solutions with the needs of the customer in mind and in accordance with the FATF recommendations.
After a successful login, the LiveEx-Shield system offers a thorough dashboard for instant examination. Live EX offers real-time business solutions that could aid in streamlining the DNFBP’s operational procedures. Circuit Computer prioritises customer needs and developed the LiveEx DNFBPs solutions in accordance with the FATF recommendations, the Central Bank of the UAE, the Ministry of Economy, the FIU, and other international regulations.

Chapter 16 of the Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business, Version 1.20 of November 2021 amending Version 1.10 of February 2018 (Central Bank Of the UAE)

Download the Anti-Money Laundering Guidelines for Designated Non-Financial Entities and Industries (DNFBPs) issued by the United Arab Emirates Ministry of Economy (MOE).

Download

Obligations of Designated Non-Financial Business and Professions

As per the DNFBPs guidelines, DNFBPs in UAE must develop effective AML/CFT policies, practices, controls, and procedures to spot suspicious transactions and report them to prevent money laundering activities

What kind of Business falls into the DNFBP category

  • Auditors, external accountants, and tax advisors
  • Casinos and other gambling service providers
  • Company service providers
  • Dealers in precious metals
  • Dealers in precious stones
  • Lawyers
  • Notaries and other independent legal professionals
  • Real estate agents
  • Trusts

Regulatory - Standards

16.14.1 EDD must be completed before dealing with DNFBPs, as defined by the AML-CFT Directive, or processing any transactions for them. DNFBPs might be either legal or natural people. 16.14.2 To assess if a customer is a DNFBP, the Licensed Person must put in place the proper procedures, methods, and instruments. 16.14.3 In cases where a client is found to be a DNFBP, the Licensed Person is obliged to take the following actions in addition to the CDD and EDD specified in Section 16.11 of these Guidelines and any further EDD necessary to manage the client’s risk: a) Verifying that the customer has the required licenses; b) Obtaining information sufficient to determine that the customer is compliant with the AML/CFT preventive measures required under AML-CFT Decision; c) Take additional steps to understand the customer’s business, including the products and services it offers, its geographic footprint, and its customer base; d) Obtain approval from the Compliance Officer and the Manager in Charge of the Licensed Person before establishing the business relationship or processing any transactions. Tipping-off and confidentiality Financial institutions, their directors, officers and employees should be: (a) protected by law from criminal and civil liability for breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision.
if they report their suspicions to the FIU in good faith, regardless of whether they knew what the underlying criminal activity was or whether it actually took place; and (b) if they aren’t legally allowed to reveal (or “tip-off”) the fact that a suspicious transaction report (STR) or related information is being filed with the FIU. These rules are not meant to prevent anyone from exchanging information in accordance with Guideline 18. All designated non-financial enterprises and professions must meet the following criteria in order to be subject to the recommendations in Recommendations 18 to 21: a)When engaging in a financial transaction in connection with the actions outlined in Guideline 22’s paragraph (d), attorneys, notaries, other independent legal experts, and accountants should be obligated to report suspicious transactions. Governments are urged to expand the reporting requirement to cover all of an accountant’s professional responsibilities, including auditing. b) When engaging in any cash transaction with a customer equal to or above the relevant designated level, precious metals and precious stone merchants should be compelled to report suspicious transactions. c) While acting on behalf of or for a client, trust and business service providers should be obligated to report suspicious transactions when the transaction relates to the activities listed in Guideline 22’s paragraph (e).

Customer Onboarding

Transactions

Screening

Risk Base Approach

Rules

Case Management

The LiveEx DNFBPs system provides :

Real-Time Sanction Screening

KYC , CDD/SDD/EDD Templates

RBA - Framework

Risk Mitigation Modules

Legal/Natural Link Analysis

GoAML Integration

Documents Repository

MIS & EI

Fintechs

The best option for fintech companies that must monitor their transactions for compliance with anti-money laundering laws is our AML Transaction Monitor System, LiveEx-Shield. The programme can manage high-volume transactions for both inbound and outbound activity, payment channels, and cross-border remittances. Digital KYC solutions are offered by the LiveEx-Shield software to confirm consumers’ identities and guarantee that transactions are lawful. This is a crucial part of AML compliance because it aids fintech companies in preventing fraud and safeguarding their brand. A comprehensive solution, LiveEx-Shield provides real-time transaction monitoring, alerts for suspicious activity, and automatic reporting tools.

The software may be tailored to each fintech company’s unique requirements, ensuring that compliance standards are addressed without overly complicating their business operations. Our team of professionals can help fintech businesses integrate LiveEx-Shield into their current workflows and systems. To guarantee that our clients get the most out of the software and achieve full compliance with AML rules, we offer training and continuous assistance. Go no further than LiveEx-Shield if you are a fintech company seeking a trustworthy and effective AML Transaction Monitor Solution. To find out more about our software and how it helps keep your company secure and compliant, get in touch with us right away.

Crypto Platforms

For cryptocurrency exchanges wishing to stay on top of their regulatory compliance activities, LiveEx-Shield is the ideal answer. With a focus on digital KYC, payment channels, and large volume transactions for both incoming and outbound transactions, our AML Transaction Monitor System is especially created to meet the specific needs of cryptocurrency exchanges. We are able to offer our clients a seamless and effective experience while also ensuring that they continue to adhere to local and international regulatory requirements thanks to our cutting-edge technology. Our programme is made to identify and stop money laundering, financing of terrorism, and other fraudulent acts that might be connected to the exchange of digital assets. LiveEx-Shield is a flexible and adaptable solution made to satisfy the unique requirements of each and every customer.
In order to fully comprehend your company’s operations and provide a solution that satisfies your particular needs, our team of professionals will work directly with you. To enable a flawless integration of our software into your current operations, we provide extensive support services. In order to remain ahead of new risks and regulatory changes, our AML Transaction Monitor System is constructed using the most recent technology and is regularly updated. You can be sure that your company is functioning in complete compliance with all applicable regulatory obligations thanks to LiveEx-Shield. For an effective, dependable, and affordable AML compliance solution in the bitcoin sector, pick LiveEx-Shield. To find out more about our software and how it can help your company, get in touch with us right away.

Jewelers , RealEstat and Accountants

Businesses in the jewellery, real estate, and accounting industries face unique challenges when it comes to complying with anti-money laundering (AML) regulations. These industries are highly vulnerable to money laundering and terrorist financing activities, and as such, must comply with stringent reporting requirements to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

LiveEx Shield AML Transaction Monitoring System (TMS) is a fit-for-purpose software solution that provides comprehensive monitoring and control to help these businesses meet regulatory requirements and mitigate risks.One of the key benefits of LiveEx Shield AML TMS is its advanced monitoring capabilities. The software uses advanced algorithms and data analytics to detect suspicious transactions and behaviors in real-time, enabling businesses to take swift action to prevent illegal activities.

This includes monitoring for unusual transaction patterns, high-value transactions, and transactions involving high-risk entities or jurisdictions.In addition to real-time monitoring, LiveEx Shield AML TMS provides businesses with comprehensive risk assessments. This software uses a combination of automated risk scoring and human analysis to identify and evaluate potential risks, enabling businesses to make informed decisions and take appropriate actions to mitigate risks. This includes identifying high-risk clients and transactions, as well as monitoring and reporting on suspicious activities.

LiveEx Shield AML TMS also provides businesses with flexible configuration options to meet their specific needs. Businesses can customize the software to align with their internal policies and procedures, as well as regulatory requirements.

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This includes setting custom thresholds, alerts, and reports to ensure that the software is tailored to meet specific business needs.Another key benefit of LiveEx Shield AML TMS is its ease of use. The software is designed to be intuitive and user-friendly, with customizable dashboards and reports that provide a clear overview of suspicious transactions and risks.

This enables businesses to quickly identify and respond to potential risks, without requiring extensive training or technical expertise.Furthermore, LiveEx Shield AML TMS provides businesses with comprehensive reporting capabilities. The software can generate detailed reports that provide insights into potential risks, compliance issues, and suspicious activities. This information can be used to demonstrate compliance to regulators, auditors, and other stakeholders, as well as to inform decision-making and risk management strategies.

In conclusion, LiveEx Shield AML TMS is a fit-for-purpose software solution that provides comprehensive monitoring and control to help jewellery, real estate, and accounting businesses comply with AML regulations and mitigate risks. With its advanced monitoring capabilities, risk assessments, flexible configuration options, ease of use, and comprehensive reporting capabilities, this software is an essential tool for any business looking to stay ahead of the curve in a high-risk environment.

By investing in LiveEx Shield AML TMS, businesses can protect themselves from fines and reputational damage, while also providing their customers with a secure and trustworthy financial experience.

LiveEx-Shield is an anti-money laundering (AML) and counter-terrorist financing (CFT) compliance solution specifically designed for Designated Non-Financial Businesses and Professions (DNFBPs), fintech companies, and other high-risk sectors. It aids in real-time transaction monitoring, regulatory reporting, and customer onboarding, aligning with FATF standards and regulatory guidelines from the UAE Ministry of Economy and Central Bank.

DNFBPs refer to non-financial businesses and professions, like real estate agents, legal professionals, and jewelers, that are at risk of involvement in money laundering and terrorist financing. They must adhere to AML regulations, often implementing practices like Enhanced Due Diligence (EDD) and Customer Due Diligence (CDD) to mitigate these risks.

LiveEx-Shield employs advanced algorithms to monitor transactions in real-time, analyzing patterns, thresholds, and customer profiles to flag unusual or high-risk behaviors. It provides immediate alerts and enables case management to prevent potential money laundering or other financial crimes.

The software automates several AML compliance processes, including customer identification and verification, screening against sanctions lists, and ongoing transaction monitoring. This automation reduces human error, streamlines workflows, and ensures consistent adherence to regulatory requirements.

Yes, LiveEx-Shield includes features tailored for crypto platforms, such as digital KYC and high-volume transaction monitoring, to help exchanges comply with AML regulations. It also addresses unique challenges in the crypto space, like cross-border remittances and digital asset transactions.

LiveEx-Shield simplifies regulatory reporting by generating detailed compliance reports, which can be used for internal audits or submitted to regulatory bodies to demonstrate adherence to AML standards.

The platform offers flexible configuration options, allowing businesses to set custom thresholds, alerts, and workflows. This adaptability makes it suitable for businesses across diverse sectors, ensuring compliance without interrupting daily operations.

LiveEx-Shield provides continuous customer support, including training sessions and integration assistance, ensuring that businesses can maximize the benefits of the software for effective AML compliance

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