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Automate compliance to perfection with one single connection

Many organizations that operate under the scope of AML (Anti-Money Laundering) rules are wise to fortify and revamp their compliance processes with digitization and automation. A single connection to ZignSec improves the effectiveness of PEP and sanction checks by automating the entire KYC process and associated workload, enabling a stellar customer experience.

PEP, Sanction, and adverse media checks

One of the essential steps in the KYC process is the PEP and sanction checks where clients are checked against sanctions, PEP, and watchlists. PEP checks are made to identify and conduct CDD (Customer Due Diligence) on a PEP (Politically Exposed Person) or some other high-risk customer. According to the FATF (Financial Action Task Force) Guidance, the definition of a PEP is an individual who is or has been entrusted with prominent public functions either domestically or abroad, e.g., a head of state or senior politician. These individuals require special attention as their privileged position present the potential for corrupt activities. The PEP list also includes close business associates and family members. The FATF recommends taking a risk-based approach to PEPs which is a crucial part of an effective KYC process aiming to keep tainted funds of corrupt politicians and their networks out of the legitimate financial system.

Sanction lists are established to reduce financial crime by flagging people (also businesses and countries) that have committed or are suspected of committing illegal acts. These sanction lists are a compilation of various regulatory and enhanced due diligence lists from major sanctioning bodies around the globe. Sanction checks ensure that no individuals on global law enforcement and sanctions lists are allowed to make financial transactions. This check also includes an overhaul of daily publications from financial, regulatory, and disciplinary authorities worldwide, commonly referred to as an adverse media check. Organizations need to perform a detailed PEP and sanction check when onboarding new customers as well as an ongoing review of clients, to ensure that the company’s reputation, revenue, and capital are protected. Businesses that fail to identify PEPs or breach rules regarding individuals on sanctions lists can be subject to substantial fines and penalties.

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A seamless real-time customer experience

An efficient automated KYC process creates a great customer onboarding experience, reduces manual labour and compliance costs while resulting in a higher customer acceptance rate. Automation enables swift client identification and initial risk assessment, two essential steps incorporated at the beginning of a potential relationship with a new customer. To ensure continuous compliance with AML regulation organizations need to automate ongoing monitoring of individuals and entities against PEPs and sanction lists to monitor customers every so often and to be alerted of any changes to a customer’s circumstance or status. With a 30-40% increase every year in the PEPs list alone, it is important to check new and existing clients. The data that organizations check their customers against should be comprehensive, up to date, and consolidated all in one place with other watch list databases to ensure they identify sanctions from all relevant bodies. Automation improves the accuracy and effectiveness of the PEP and sanction checks and the entire KYC process sequentially as many of the steps can be run simultaneously, creating a seamless real-time customer experience. Improving the customer experience has time and time again been proven to increase retention, satisfaction, and revenue regardless of the business. Customers stay loyal to companies due to the experience they receive, their loyalty is no longer based on price or product. Companies investing in automated KYC processes and workflows improve operational efficiency, reduce fraud, lower operational costs, and enhance the client experience.

Utilize our one-connection system

PEP and sanction checks implemented via ZignSec serve as a robust and effective integral piece of carrying out an initial risk assessment with real-time-access to multiple global PEP and sanction lists, increasing both geographic coverage and quality of service. Our platform consolidates global PEP lists, Government Sanction Lists, Anti-Terrorism Lists, CIA Lists, and bespoke geographic lists. Organizations that connect with ZignSec escape several integration interfaces as they can utilize our one-connection system for all their KYC processes and streamline customer onboarding, due diligence, and monitoring. ZignSec provides all compliance solutions and the automation needed to validate different customer identity aspects (e.g., online identity verification, biometric check, PEP & sanction checks, etc.). With our platform continuously aggregating KYC, KYB and AML compliance solutions, ZignSec can improve the effectiveness of your processes and workflows enabling you to deliver a stellar customer experience through automation.

Companies doing business with another business must also protect their interests. ZignSec enables companies to fulfil the requirements of KYB (Know Your Business) and automate the process of verifying the business owner’s identity, examining the ownership structure and its beneficial owners’ identities and more.

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    Cookie Policy

    Effective date: January 1, 2020

    This notice explains ZignSec’s approach to cookies and other online data collection technologies.

    When you visit our websites, use our mobile apps, engage with our online ads or emails, we collect information, using technologies such as cookies, pixel tags (also called web beacons), browser analysis tools and server logs. Each of these technologies is explained below.

    1. How We Use Cookies

    We use cookies and other online data collection tools for several many different purposes.

    Strictly necessary cookies and tags are used by ZignSec to support the basic operations of our websites and apps. They enable core website functions, such as authentication, security, network management and accessibility. You may be able to disable these by changing your browser settings, but this may affect how the website functions.

    Performance and operation cookies and tags are used by us and our service providers to manage our websites. These activities may include collecting analytics about visitors to our website and collecting information about website usage. We use the information to compile reports and to help us improve the website. These cookies help us gather data to optimize our website’s performance.

    Site experience cookies and tags are used to support your experience and include user-selected options and site navigation aids.

    Marketing and personalization cookies are used to enable social sharing and to deliver interest-based ads to you online.

    Social media cookies and tags used by us and social media platforms to enable users of the platforms to share content across our sites. We also work with social media platforms to deliver ads to you when you use these platforms. This targeting is done by the platform under its own terms of use.

    Advertising cookies and tags used by us, our service providers and third parties to personalize the ads delivered to you on our site and on other sites. These cookies collect data about your online activity and allow ads to be displayed that may be of relevant interest to you. These cookies also record which ads you have seen and whether you engaged with the ad. These cookies help make sure that the ads you see are valuable to you and not repetitive.

    While we do not give any personally identifiable information to the third-party advertising companies, we may place third-parties’ cookies and tags when you visit a ZignSec website. This practice allows these third parties to collect information from you using these technologies on our websites. The information they collect is subject to their own privacy policies.

    Uses of cookies can vary by country or state. More information is provided in the supplemental privacy notices posted in the Privacy Center or in the relevant website or app.

    2. Your Choices

    For websites in the United States and Europe, ZignSec provides you with the ability to manage cookies that are not essential to display our website using “Manage Your Cookies” Many ZignSec websites only place marketing, personalization, and advertising cookies if you explicitly accept these cookies by clicking “Accept All Cookies” when you first visit the website. If you have accepted cookies, you adjust your preferences by using this link.

    You can manage cookies and delete cookies from ZignSec and other companies using your browser settings. Browsers such as Chrome, Internet Explorer, Firefox and Safari give you the ability to accept, reject or delete cookies. Visit the “help center” for your browser to learn more. Please note that your browser settings are not used to manage Flash or Silverlight cookies. To manage Adobe Flash Cookies, visit the Flash Player help page. To manage Microsoft Silverlight Cookies, visit the Silverlight section of Microsoft’s privacy statement.

    You can also take advantage of industry-sponsored programs that allow you to control the way companies advertise to you.

    The Network Advertising Initiative (NAI) manages an opt-out program for many third-party advertising companies. You can opt out of being targeted by NAI members by visiting https://www.networkadvertising.org/consumer/opt_out.asp.

    On some websites, you may see an AdChoices icon, which may appear on certain targeted ads. You may click on this AdChoices icon to learn more information about the collection and use of your information or to opt-out of such collection in the future. To learn more about the Digital Advertising Alliance Consumer Choice tool, please visit http://optout.aboutads.info.

    Additional information on cookies and online advertising choices are offered by:

    Adobe Marketing Cloud: If you would like more information on how to remove yourself from the tracking and reporting functions performed for this website by Adobe Marketing Cloud, please visit the Opt-Out page at http://www.adobe.com/privacy/marketing-cloud.html.

    Google: For information on how Google Analytics uses data please visit “How Google uses data when you use our partners’ sites or apps,” located at https://www.google.com/policies/privacy/partners.

    In most cases, the choices you make are linked to your browser. If you use different browsers or different devices, you will need to set your preferences on each one. Even if you opt-out, you may still receive ads that are not customized for you, unrelated to your browser settings.

    Although our websites currently do not have a mechanism to recognize the various web browser Do Not Track signals, we do offer our customers choices to manage their cookie preferences as described in the previous section. To learn more about browser tracking signals and Do Not Track please visit https://allaboutdnt.com/.

    Residents of some countries and states have additional privacy rights. Information on these rights is provided in the supplemental privacy notices posted in the Privacy Center.

    3. Social Media and other Platforms

    Our websites may enable you to interact with us and others via social media platforms. This functionality is enabled using social media cookies and tags. For example, some ZignSec websites allow you to sign in using social media platform credentials. Please read the privacy statements provided by your social media platforms to understand how they use your information and to manage your choices.

    We may display interest-based ads to you when you are using social media platforms. These platforms allow us to personalize the ads that we display to you. To enable delivery of these ads, we convert your email address into a unique number. The platforms also convert their user emails into unique numbers using the same process. This allows the records to be matched without any exchange of data elements that can identify you on their own. The platforms perform the matching as a service provider to ZignSec, and they do not retain or use the file that we send them for their own purposes. This process allows the platform to deliver our ads to our customers on the platform. The platforms may gain insights about individuals who respond to the ads we serve.

    4. Other Types of Online Data Collection

    Our server logs record information about users to our websites. We may use these logs for internal purposes, such as website administration, optimization and security. We may also use the data for fraud-protection, personalization and advertising.

    We collect device identifiers and other device-related information, including your device’s advertising ID if available. This information is used to identify the device and authenticate you. We may also use device-related information to associate you with different devices that you may use, including for fraud-protection purposes and to better target advertising. In many cases, you can reset your device’s advertising ID. Both Android and iOS devices enable you to reset your device identifier under the “settings” menu.

    5. A Guide to Cookies and Other Technologies

    Cookies

    Cookies are small text files that websites send to your computer or other internet-connected device to uniquely identify your browser or to store information or settings in your browser. Cookies allow us to recognize you when you return. They also help us provide a customized experience and can enable us to detect certain kinds of fraud.

    First-party cookies are those cookies that are placed by ZignSec. These cookies are used by ZignSec and include all the essential cookies.

    Third-party cookies are placed by another company, including service providers, social media cookies and third-party advertising companies. Cookies placed by third parties can be read by these third parties when you visit other sites in the advertising network, allowing a profile of your online behavior to be created so that the third party can deliver targeted ads from all its customers.

    Flash Cookies and Silverlight Cookies

    A Flash Cookie (also known as a Local Stored Object) is a small data file placed on a computer using Adobe Flash technology. A Silverlight Cookie is a small data file placed on a computer using Microsoft’s Silverlight technology. Flash and Silverlight are applications that allow delivery of dynamic content, such as video clips and animation. These cookies are used to personalize and enhance your online experience, deliver dynamic content, and for security purposes. They differ from “regular cookies” in that they are not managed using your browser settings. See Your Choices above for how to manage these types of cookies.

    Pixel Tags and Web Beacons

    Pixel tags (also called web beacons) are tiny graphic images and small blocks of code placed on website pages, ads, or in emails that allow us to determine whether you have performed a specific action. When you access the pages or you open an email, the tag lets us know you have accessed the web page or opened the email. These tools allow us to measure response to our communications and improve our web pages and promotions.

    Server Logs

    Server logs record activities on our websites. Other types of logs collect similar information from our apps. These logs record information about the device you use to access our website, your operating system type, browser type, domain and other system settings, as well as the language your system uses and the country and time zone where your device is located. Our logs also record the IP address of the device you use to connect to the Internet. An IP address is a unique identifier that devices require to identify and communicate with each other on the Internet. We may also collect information about the website you were visiting before you came to ZignSec and the website you visit after you leave our site.