Compliance financial services sector
The financial institutions that offer their products and services through Connect The Market have a range of compliance requirements set by their respective local regulators. Through Connect The Market, these requirements are streamlined with the goal to minimize inconvenience for the end consumer.
Depending on the product or service, compliance requirements as set by the regulator include:
- KYC checks. Also known as ‘Know Your Customer’ are mandatory checks on the individual applying for a product or service. In all cases clients are required to submit a proof of identity which is subsequently verified on authenticity as well as validity (not expired). These checks can be conducted on premise or through specialized online tools including ‘World Check’, ‘Van Dijk’, ‘Shufti Pro’ and others. The passport or ID is checked against a wide range of international blacklists as well as other databases to ensure sound character of the individual.
- AML checks. Also known as ‘Anti Money Laundry’ are mandatory checks on the individual or entity applying for a product or service in the financial sector. Same as with KYC checks, a range of databases are used to verify any affiliation with money laundry and terrorism.
- Proof of address checks. Assist the financial institution to cross reference the official address of the individual or entity applying for a product or service. Required documentation often includes a recent utility bill, current account statement from the bank or other document proving the address of the client.
- Source of Funds checks. Inquire on how the wealth of the individual or entity came to be. Examples include the general income over a period, the sale of a company, a heritage payment etc
The aforementioned checks are a mandatory part of any onboarding process in the financial services sector. Although the reasoning for these checks is to protect financial institutions as well as the persons or entities applying for financial products, the process is time consuming and often frustrating for all parties involved.
GDPR stands for General Data Protection Regulation, which is a regulation implemented in the European Union (EU) on May 25, 2018, to enhance privacy protection for EU citizens.
GDPR replaced the 1995 Data Protection Directive and is aimed at giving individuals more control over their personal data and simplifying the regulatory environment for international business. The regulation applies to all EU member states and to any companies that process the personal data of individuals residing in the EU, regardless of the company's location. Non-compliance can result in heavy fines.
The GDPR covers various aspects related to personal data including but not limited to its collection, storage, transfer, and use. It mandates that organizations must ensure that personal data is gathered legally and under strict conditions and those who collect and manage it are obligated to protect it from misuse and exploitation, as well as to respect the rights of data owners.
Although outside of the BES islands, the Dutch Caribbean falls outside of direct GDPR requirements, Connect The Market holds itself and partner institutions to the highest standards of data protection.
What does this mean for you?
- The Connect The Market platform provides an online gateway to consumers and financial institutions in the Dutch Caribbean with the goal to bring them together in a safe, secure, and compliant environment. Your information including personal and financial records are stored directly onto the servers of partner financial institutions.