 319Insight Features & Functions |
Compliance topics have come to the forefront of discussions among precious metals company executives. Government and regulatory agencies are cracking down on money laundering now more than ever. Significant resources are being invested into locating and dismantling these schemes, and officials expect a return on the investments.
The USA Patriot Act of 2001 requires dealers of precious metals and gems to establish anti-money laundering programs, which at a minimum must include:
- the development of internal policies, procedures and controls;
- designation of a compliance officer;
- ongoing employee training program;
- and an independent audit function to test programs
Most precious metals companies have attempted to satisfy this requirement by creating a paper form or even a PDF of some basic questions that they ask of their potential or current clients. This process has proven to be substandard and can have serious repercussions on the business. Beyond being unable to assure that data is collected fully and accurately from their clients; auditing, retrieval, and maintenance of the data is almost impossible in this typical method.
To avoid irreparable damage to the company, intelligent precious metals executives are enacting a thorough, professional compliance program. The benefits of implementing such a program are immense, including solidifying banking relationships, assuring limited risk with authorities, and safeguarding channel relationships, to name a few.
The selection of resources to support such a program is almost as critical as making the decision to implement the program itself. 319Insight is a comprehensive, customizable, reconfigurable compliance solution to suit the needs of any type of precious metals organization. It offers a unique “flexible structured environment,” allowing customization on an on-going basis to empower the company to adapt to any compliance needs required.
319Insight is comprised of a secure web portal, one to many questionnaires, a compliance officer workstation, and the portal administrator. The system can also easily integrate to a third party background screening system of choice, enables continual risk analysis and monitoring, and outputs custom reports.
