FAQs for SURETY-CDD


KYC-CDD Software Solution

What sets SURETY®-CDD so far apart from other CDD solutions?

SURETY®-CDD is truly an integrated Risk and on-boarding system. Other CDD on-boarding products just have workflow and question management features and require you to conduct the risk assessment done outside of that system. SURETY-CDD integrates four major components in a single CDD/KYC solution:

  • Automated Customer Risk Assessment fully customizable to include as many unique risk models as the types of customers you have.
  • A cutting-edge Question Management System that allows you to trigger your own questions and customize your own collections, based upon Risk and any other characteristics of your customer.
  • An email-enabled workflow that will control the flow of customers through your process.
  • An automated screening process for negative news and sanctions integrated directly to the top screening agencies.

What other features does SURETY®-CDD include?

In addition to the four tightly integrated core components, we have included multiple subsystems to create an elite user experience: These include periodic review, digital document storage, expiration notifications, automated nightly processing, and many more.

What user roles are included in the workflow?

The SURETY-CDD workflow includes the following roles:

  • Relationship Manager (RM): Inputs due-diligence information into the application during customer on-boarding process.
  • Quality Assurance (QA): Reviews the submitted due-diligence information of customers newly on-boarded by RMs in order to verify completeness and adequacy of information and also conducts negative-news screenings as required; QA Administrators manage the QA assignments.
  • Manager: Completes a final review of due-diligence information and accepts or rejects each new customer.
  • Compliance: Accepts QAs’ and Managers’ explicit referrals for additional consultation in determining acceptability of CDD results for customers referred to Compliance. Compliance users also perform Compliance-specific tasks such as construction of Risk models, management and editing of CDD/EDD questions, manual override of Risk when desired, and so on.
  • Administrator: Provides IT-style support, manages user accounts within the application (passwords, initial set-up of users, etc.), manages users’ assignments to business units and the assignment of customers to specific users (as requested to do so by Compliance or leadership), and manages various other IT-related and workflow-assisting aspects of the application.
  • Accounting: Functions as a verification role to submit the record to back-office set-up if required (i.e. banking systems, accounting systems, etc.)
  • SURETY also includes a “Read-only” user, which is the role assigned to auditors of any kind; read-only access within the application is controlled by the Compliance Department of each institution. A common example of a temporary Read-only user would be a regulator to whom the Compliance Department wants to assign access to certain customer files.

How are user permissions handled in SURETY®-CDD?

All permissions within SURETY are role-based permissions.

What if regulations change or our compliance program changes?

SURETY-CDD was created with our Comply-on-the-Fly technology specifically for ease of customization and change. Authorized Compliance users may change risk models, CDD questions or collection items, and various other features within seconds in order to adapt their SURETY-CDD on-boarding to new regulations or changes to their Compliance program. Ease of change by in-house users is a point of pride for us. Company founders Frank Cummings and Jonathan Almeida have worked extensively on-site with Compliance Officers in financial institutions, and they wanted to create a CDD solution that they themselves would like to use. That CDD solution is SURETY-CDD.

Can you deliver a custom version of SURETY®-CDD specifically for our institution?

We are happy to demonstrate the many in-app customization features built into SURETY-CDD in order to see whether these meet your needs. If you have additional need for further customized KYC solution, we have a custom-software-development operation at our development shop, and we can work with you to develop and cost out a proposal for custom software development or a custom CDD solution.

How much does SURETY®-CDD cost?

Like most enterprise software, SURETY-CDD has a progressive pricing model. The smaller the organization, the lower the cost to implement this CDD solution. We are often told by our customers that our cost of ownership is 50 percent less than anyone else’s KYC solution. We believe in offering a great product for a fair price. For more details on our CDD solution for your institution, contact us for more information.

What is the implementation process?

We have implemented in as short as 10 days and as long as 90 days. It depends on the complexity of the organization and where their data lies. The average implementation of our KYC solution is right around 30 days. In addition to the technical implementation, AML Partners will work with an institution’s Compliance representative to complete the initial configuration and arrange training on the application.

How is training handled?

We use a train-the-trainer model. Additionally, depending on the size of the organization, trainers may be on-site with our clients. We also have a full collection of manuals and we can provide training via the web. Ease of use is another point of pride for SURETY-CDD, and the visual tab-driven interface provides for a very short learning curve for many users.

How does AML Partners support users of SURETY®-CDD?

There is an automated support structure in place for our CDD solution. Support requests are normally handled the same day requests are made. Support requests may be submitted via email or phone. Our customer service is second to none.

How do I know that SURETY®-CDD is the right KYC solution for our organization?

We encourage potential customers to investigate other CDD solutions and then contact us for a personalized demo of SURETY-CDD. Comparing other options to SURETY-CDD will highlight why SURETY-CDD is the best KYC solution on the market. And if you have specific requests for demo emphasis, just let us know. We want you to see what SURETY-CDD would look like in your institution and we want you to grill us about what it can do for your Compliance efforts. We will stand the features and functionality of SURETY-CDD against any competitor—large or small—period.

Can SURETY®-CDD be used for other things?

SURETY-CDD first and foremost is a risk-assessing on-boarding CDD solution. It also is an excellent Customer Relationship Management (CRM) tool, and we have a lot of customers who use the data repository for various reporting, for cross-marketing of products, for a detailed record of the on-boarding workflow, and so on. SURETY-CDD also includes a screening option for vendors and employees. We also offer the SURETY-Suite, which includes SURETY-CDD, SURETY-Behavioral Monitoring, and SURETY-Sanctions Screening. To find out how these products work together for your institution, give us a call for more information or check out the AML Solutions links on our website.

What examiner/auditor features does SURETY®-CDD® include?

Having spent so much time working on-site with Compliance professionals, the founders of AML Partners know firsthand the importance of examiner-related features in a CDD solution. SURETY-CDD includes a read-only user role that is ideal for auditors and examiners. Once a read-only role has been created for a user, an authorized Compliance user assigns specifically requested customer records to be viewable by that read-only user. Additionally, the Compliance user can create a ZIP file of working papers of those customer records requested by the examiner or auditor. This works great for the institution in that it provides read-only access to specifically requested customers, and it works great for the read-only user, who has easy access and can also get a digital file of working papers.