In this article we will cover:
What is included in business monitoring
Legl monitors all aspects of a business that are relevant to ensure you remain compliant with AML regulations, that includes:
Sanctions
Company information, e.g.
Name, Address, Principal Activity
Structure & Ownership
Credit & financial changes
Bankruptcy or legal proceedings
+ more
How to enable ongoing monitoring for new businesses
Business monitoring is split into 2 categories:
Company information monitoring
Sanctions monitoring
Enabling Company Information monitoring
Ongoing Monitoring will be automatically turned on for new businesses once the first company report is created.
Once this first report has been created all information contained within will be monitored.
To learn how to create a new company report see our guide here.
Enabling Business Sanctions monitoring
Similar to company information monitoring, ongoing monitoring for business sanctions will be automatically turned on once the first sanctions screening is run.
Once enabled, Legl will monitor the business on a daily basis for changes in its’ sanctions status.
To learn how to complete a new sanctions check see our guide here.
How to check whether ongoing monitoring is on
To check whether ongoing monitoring is turned on, navigate to the business page for the relevant client and click into the monitoring tab. You will see two toggles, indicating if and when monitoring was enabled.
Any new monitoring alerts will appear in this tab, as well as the firm wide monitoring dashboard.
How to enable/disable Ongoing Monitoring for existing businesses
If you would like to turn on/off company information or sanction monitoring for an existing client in Legl, navigate to engage > businesses and search for the client you wish to monitor.
Go to the Monitoring tab and click the relevant toggle.
When enabling monitoring, a new company or sanctions report will be created. This is to ensure that there were no changes while the client was not being monitored.
If you have multiple clients you wish to turn on ongoing monitoring for, we are also able to enable ongoing monitoring for clients in bulk. To do so, please get in touch with us at [email protected] and we’ll be able to help.
The monitoring dashboard
Legl provides a firm wide overview of all monitoring updates via the Monitoring dashboard. Any business that has a company information or sanctions update will be listed here.
This can be found by clicking on the ‘Monitoring’ page in the left hand navigation menu.
You will also receive a weekly summary email containing a list of new alerts. This will be sent to your designated MRLO email address, and provides a link directly to the dashboard.
If you would like to change this email address or add a new email address, please contact your Client Success Manager or reach out to [email protected].
How to review company monitoring updates
Following the first check, we will check for new updates once a day, ensuring you always have access to the most up to date information for your clients.
Each new update will appear as ‘ready for review’ in the monitoring dashboard.
To review an update, click on the row item to open the review draw.
When selected, the reviewer will see a summary of the update, and the date and time it was recorded. At this point, the reviewer has two options
No action required - We will mark the update as reviewed, but we will not refresh the company report at this time.
Update company report - We will mark the update as reviewed, and we will go ahead and re-run the company report so you can complete a full KYB refresh. This will incur a charge.
If the reviewer chooses to update the report, A Legl Assist AI summary of the changes that have been identified since the last time a report was created will be generated, helping you better understand the new information and what it might mean.
A full audit trail of changes is created in the “Report History” tab which includes: details of the updates, who reviewed and time of review. You can then go on to complete any additional due diligence required; e.g. For updates notifying of a new shareholder, you may need to complete a KYC check.
See below for an example of the Legl Assist summary of changes:
How to review sanction monitoring updates
A business sanctions update is reviewed in the same way as an individual PEP/Sanctions update, or Engage Request.
You can open the update by clicking on it and reviewing the details provided.
Each Business Sanctions Update contains information on the changes since the last Update report was generated.
The monitoring update report will contain at least one of the following updates:
A new sanctions listing is added for an existing match
A sanctions listing was removed for a previous match
A new possible match was added to the report
A match was removed from the report
In some instances, these matches may simply be a false positive (similar name for example). We provide you with the full details of anyone who flags up on our AML watchlists so you can verify if this is the case.
Assign a reviewer to monitoring updates
All types of monitoring updates can be reassigned to another person within the firm to review.
This could be done as the update requires an escalation, or simply because they are a more appropriate person to complete the review.
Assigning a reviewer for the first time:
When initially assigning a reviewer, the update summary will include the name of the individual that initially onboarded the client.
This is designed to assist you in knowing who might be best placed to review the update, if not yourself.
You can assigned the alert to this person, or anyone else, by clicking ‘Assign reviewer’ and selecting the relevant name from the list.
The assignee will receive an email notification with a link to view the update; this email will include any comment you have left for them.
NB: You do not have to assign a reviewer. You can choose to review the update yourself, in which you will be listed as the reviewer in the audit trail.
For further assistance, please contact us at [email protected].