In this chapter we will cover two common types of warnings that may pop up as alerts during transactions. Warning threshold for Large Cash Transactions is one of them that will come up every time a transaction larger than 100 000 CHF, warning for legal threshold on all transactions larger than 5000 CHF, warning for partial or complete match of customer's name against sanction list regardless of the amount. LCT and Legal Threshold are fully configurable in CurrencyXchanger and the 100 000 CHF and 5000 CHF are the default settings.
Warning for hitting Legal threshold
CurrencyXchanger has default Legal threshold set at 5 000 CHF. That means that every time a client wants to make transaction equal or larger than this amount in any currency, you will get a AML warning and will be required to enter some mandatory information about the client in order to record this transaction.
- The warning will appear only when you try to validate line or Grand Total of the transaction that's larger than 5000 CHF.
- Hit Enter to close the warning
- Start by asking for your customer's name, if they are an existing customer you'll be able to select them from dropdown when you start typing in the Customer section
- If they are not returning client, select New Customer, type in their name hit Enter
- Now that you added the customer, try to validate transaction and you will get another warning that some rules are missing
- Click OK and select Edit icon next to customer's name to fill in mandatory fields that will be framed in RED, you can allso fill out the Recommended fields that will be framed in BLUE
- To be able to enter all required information you will need to ask the customer to present one legal document (Passport, ID...)
- On Due Diligence tab select Type of ID and select Add Document
- Enter document information
- Go back to Due Diligence tab and now select newly saved document from the dropdown
- Select the beneficiary
- Enter the purpose of transaction details
- Click Save than Finish on the bottom menu to go back to the invoice
- Click Validate
- this time you will not go stratight to Payment but to AML form print page where you can print out the form by clicking Print
- Have customer sign the printed AML form
- Scan signed form and Upload it (Ctrl+p/s/u/b /Esc)
- Click Validate to proceed to Payment
- Issue all the currency the client requested and charge the equivalent
- Issue any change and Select Print to close the transaction
Warning threshold for LCT (Large Cash Transaction)
CurrencyXchanger has Large Cash Transaction threshold set at 100 000 CHF. That means that every time a client wants to make transaction equal or larger than this amount in any currency, you will get a AML warning and will be required to enter some mandatory information about the client in order to record this transaction.
- The warning will appear only when you try to validate line or Grand Total of the transaction that's larger than 100 000 CHF.
- The steps are the same as for reaching Legal Threshold, except you will be prompted to fill out a few extra fields like Purpose of Transaction, Origin of Funds and Occupation.
When a Customer's Name Matches the Sanction List
Every time you enter a new customer's information, they will be checked against the sanction lists and you will be warned as per the centrally managed AML rules settings.
If there is a match you will get a warning popup where you will have to do your Due Diligence to decide whether there is a true match or a false match (false positive) for your client.
Sanction List Match
- Once you entering the customer's First and Last name, if the name matches a name on any of the sanctions lists or a PEP list, a warning will automatically pop up and the transaction will be suspended.
- The warning window will first show a list of names and other aliases the client may go by.
- It will also show the type of warning and the sanction list the name was found on PEP match (politically exposed person) OFAC list match etc.
- As you scroll down it will show you further information about the match such as Date of Birth, Place of Birth, Citizenship, Address etc. you can check against your client's presented document to determine whether to mark them as a True or False Match.
- If client is a true match their account will be blocked and you'll see the big BLOCKED red label and won't be able to proceed to closing positions of the curent invoice.
- If this happens when you have entered just the customers name while you are creating a reservation, completing an invoice etc, you can choose to first mark them as False Positive or Click OK to be able to fill in the required fields and decide whether a customer is a True Match upon entering all the details by doing additional manual due diligence.