PreComm ToolKit™ - Merchant Due Diligence and Risk Assessment Made Easy
Deep and thorough knowledge about merchants is crucial before onboarding. The hard part is gathering the information your business needs and is required by law to obtain to determine reputable merchants from the onew who are not.
Merchat acquirers and payment processors are being inundated by Anti-Money Laundering (AML) rules and Know Your Customer (KYC) regulations. The USA Patriot Act and other governmental and card brand regulations require these organizations to implement KYC policies that encompass customer due diligence and risk evaluations.
While regulation is not new, compliance is difficult, if not impossible, especially when businesses must rely on multiple systems and manual processes to collect and analyze merchant data. Implementing quick fixes that rely on manual data collection and paper-based workflow processes frequently introduce incosistencies in merchant due diligence procedures and risk evaluation. To make matters worse, once an original evaluation is completed, it is NEVER performed again, leaving ISOs vulnerable.
This due diligence and risk evaluation methodology is slow, expensive, time consuming, inaccurate, risky and inconsistent. Conformance Technologies' PreComm ToolKit addresses these issues, and more.
PreComm ToolKit is a unique, patent pending, cloud-based intelligence gathering and collating service that simplifies the merchant due diligence and risk evaluation process, protecting your business while saving time and money, and potentially driving increased revenues.
PreComm ToolKit automatically and accurately gathers and assembles many merchant risk data factors (up to 45) obtained from deep, thorough and accurate multi-level investigations, and presents consolidated findings for further risk manager evaluation in minutes.
And then PreComm ToolKit performs it again on a monthly basis, alerting underwriters to merchants that have deviated from the standards their merchant accounts were originally approved upon. This "follow-on" underwriting capability is unique.
Data analysis information avaialbe for review is comprised of three main areas:
Credit Bureau Search and Results Social Media Account Evaluation & Matching INTERPOL Wanted
Website Ownership Specially Designated Nationals (OFAC) Iran-Syria Nonproliferation Act
Correct Physical Address & Multiple Use Validations Foreign Sanctions Evaders List United Nations Consolidate
Google Earth Image CHecking and Recording Death Master File Consolidated Sanctions List
Corporate Ownership Documentation Verification Denied Persons List IRS Exempt Organizations
TINTIN Search Excluded Parties List System Iranian Sanctions Act
EIN Matching Designated Foreign Terrorist Organizations Sectoral Sactions Identifications
Reverse Phone Number Lookup Politically Exposed People Unverified List
OFAC Sancations List FBI Wanted Lists Entity List
TMF File Review Casino Banned Patron Lists Palestinian Legislative COuncil
MATCH List Review Address Validation Ukraine-Russia Sanctions
Litigation Search Global Intermediary Indentification Number Foreign Financial Institutions
Lien Search EU Sanctions List CJL Consolidate Regulations
U.S. Commodity Administrative & Arms Export Control Act CJL Special Economic Measures
Anti-Terrorism Financing & Entities CJL Foreign Official Asset Freeze