Vigilance AML Partners with RealMe
As solution designers in the software space, we first look at the problem, interview those who have the problem, and then consider if technology has a place in solving the issue? I would describe AML/CFT to be fascinating and frustrating, but we like a challenge.
The first challenge we faced when designing the Vigilance AML compliance platform back in 2017 was that we couldn’t interview Lawyers, Accountants, and Realestate businesses as they didn’t yet have to comply with this new legislation. Those already complying (Phase one reporting entities) were in a different sector and their workflow was quite different.
So we started by talking to auditors and asked what they would want to see in an AML/CFT compliance platform if they were a reporting entity? We also talked to the DIA, asked lots of questions, and kept them in the loop as we built out the solution including regular updates and presentations to seek feedback. We didn’t stop there and also talked to the Financial intelligence unit (FIU) who overseas GoAML and manages all the suspicious and prescribed reporting required under the AML/CFT Act. By the time Phase Two reporting entitles had to begin complying in June 2018 we had a great headstart with an early solution and a deep understanding of AML/FCT.
As AML/CFT is regulatory there will invariably be amendments and changes to the act. Our job is to remain agile as a solution and be ready to adapt or implement features to meet these changes.
In the case of Biometrics, we become influences and help make a change.
When COVID 19 first put the nation into lockdown in March 2020 it amplified an existing compliance problem whereby verifying a client’s identity when unable to meet them face-to-face was practically unworkable. We (Vigilance Ltd) had already been talking with RealMe to convince them that this solution should be made available outside of Government organisations as it will resolve this big problem faced by reporting entities. Given the DIA who are the supervisors of both RealMe and phase two reporting entities it just made sense.
We are delighted to say that RealMe is now fully integrated into the Vigilance AML compliance platform and available to our users who don’t have to do any of the heavy lifting as we have done it for them.
In closing I would like to acknowledge John Keen who lead the RealMe integration project for the DIA and provided great advise and support as we navigated the complexity’s of privacy by design and being one of the first private companies to deploy RealMe.
