Individual and business compliance monitoring should not stop on just the initial onboarding. A continuous monitoring and reporting should be implemented to ensure you are updated of any changes in the company and also ensure that your business and clients still meets the AML regulatory standards. Ongoing monitoring clients is also a wise decision for any business. Chances are your clients never remain the same. Company ownership and reorganization can constantly change or sanctions to individuals can be imposed affecting the performance of your client company which may or may not be inline with the services your business provides them. And even though your company complied with initial KYC onboarding compliance, it is very important to do an ongoing client monitoring to ensure that you are doing business with the right clients, avoid damage to your business' reputation, and ensure that compliance regulations are met with due diligence. Tech View offers automated business monitoring via a single API solution that has real-time access to global and domestic databases to provide you with real-time report of changes in directors or ownership status, company standing, personal data and other relevant data to help you in your business compliance monitoring and overall company performance.
The Importance of Ongoing Company Monitoring and Reporting
Eliminate, Reduce or Mitigate Risk. Routine business monitoring should help identify any issues that may arise and prevent these to escalate and affect the business. Highlight Opportunities. With real-time monitoring and reporting, the management can also identify opportunities for the business to grow. Real-Time Alerts, Real-Time Actionable Data. Tech View provides alerts, via email or through our web portal, of any ongoing changes and any risk that may arise. Our management portal can be customized according to the risk criteria set by our clients to allow them to review and prioritize risks impacting the business Maintain Good Client Relationship. Keeping up to date with the changes in your client’s status including changes in ownership or in the board of directors, and change in financial status will help you track if it is still feasible to do business with them and prevent you from providing services to insolvent companies or individuals.