Insight

Keep the Spirit of the Season Compliant this year

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Secure Your Holiday Gifting Strategy with MaxComply™

We are closing in on the end of the calendar year, a time when holiday celebrations abound, and firms take time to nurture business relationships as well as personal ones. Gifts, events and other tokens of appreciation and goodwill are commonly exchanged around this time.

All gifting carries a certain responsibility for firms in highly regulated industries, and making a misstep could have serious consequences. Beyond the obvious “don’t”s, there are certain types of gifting that can run afoul of regulators—or at the very least, the public eye—without firms realising it.

The challenge for firms is how best to walk that razor edge. How can they participate in the gift exchange that is an organic part of doing business, without crossing any barriers that could spell social or legal trouble down the line?

In some cases, the distinction is clear. Anti-bribery regulations prevent firms from exchanging gifts that might award their business an unfair advantage. But what about more ambiguous exchanges, like making sure to respect cultural values or gut-checking the optics of a gift before it changes hands?

While it might sound a bit funny to leverage a powerful AML/KYC technology for your holiday gifting, it is actually a trouble spot where appropriate FinTech tools can prove themselves invaluable.

MaxComply™ can help organisations check their gift lists twice

We have spoken at length about the power of MaxComply, our leading AML and verification software—but its use extends beyond standard onboarding, verifications, and AML/KYC processes. MaxComply’s powerful system of global checks, including a risk assessment engine and full audit trail, can bolster areas of your business you never imagined.

Unless your organisation completely bans the giving and receiving of gifts, the landscape of gift exchange is one you probably navigate more than once each year. You take the time and care to practice good AML/KYC compliance with your customers—but what about your suppliers, investors, and other business stakeholders?

If applying the full power of an advanced FinTech solution to your holiday gift list sounds a bit Scrooge-like, consider the implications. Imagine exchanging gifts with a person or business, only to discover that they were recently in the press for ethically challenging activities, or that they work for a competitor. It’s terrible optics at best, and a possible PR nightmare.

When even an unintentional oversight could erupt in significant scandal, taking the time to exercise due diligence on the recipients of your gift list could be worth its weight in gold.

How MaxComply’s functionality can bring peace to your seasonal giving

What enables MaxComply to function as such a powerful gifting ally? The same fully integrated, scalable, and flexible platform that reduces compliance risk and flags potential customer violations can be put to work for seasonal or periodic gifting.

  • Ad-hoc or in bulk: Conduct Refinitiv Worldcheck checks at the individual or company levels
  • On the spot PEP & sanction certainty: Be confident with your actions using real-time, world-class database checks
  • Import data to your CRM: Transfer any red flags to your CRM database for next year
  • Time-stamped audit trail: MaxComply provides full documentation of every step, so if anything changes in the future, you have evidence of your due diligence in hand
  • Incorporate keyword search: Search for specific keyword criteria online in connection to your subject
  • Staying above-board in your region: Our pre-clearance page will replay your company policy surrounding gift-giving, so you’re reminded of the rules relevant to you and guided safely—every time.

Whether your firm takes a light view of holiday gifting or prefers to go several layers deep, MaxComply is flexible enough to give you the insight you need. Turn the intensity up or down based on situational nuance and your changing preferences over time.

If you’ve never considered software an ally in the very human realms of generosity, thoughtfulness, and consideration, meet MaxComply™. To us, the best technology isn’t just agile and flexible—it’s also human.

To learn what MaxComply can do for you for this season (and beyond), get in touch with our team.