Avallone.io

Avallone.io is lucky to have such incredible women on our team! On #InternationalWomensDay, we want to recognize them for their dedication to our customers and AML / KYC ?? Oksana Slabak, Egl? Markelionyt?, Jovita Mogulevi?iūt?, Just? Tylait?-Pelan?, Ada Chan #Avallone #IWD2025 #AccelerateAction #Leadership #Treasury #Compliance #Innovation #Inspiration #CustomerSuccess #Engineering #WomenLed #GirlPower

I’ve had the privilege of working alongside some truly exceptional women in compliance and KYC - I have tried to list the top 10 below... They are leaders, innovators, and problem-solvers who have shaped the field, driven change and raised the bar for excellence. On International Women’s Day, I want to recognize how much I value their expertise, leadership, and dedication. You've all truly made a lasting impact on the field of compliance, treasury, and beyond. These are just some of the many... Anna Althoff Kathrine von Grumbkow Sandra Schultz Asha P Kumari Nethe Rosa Hj?rland Tine Fl?e Meilvang Liza Arroyo Allermand Camilla Hauberg Nicolajsen Mathilde Hylleberg Andersen Mariana Vicente Thorsdal #InternationalWomensDay #IWD2025 #AccelerateAction #Leadership #Treasury #Compliance #Innovation #Inspiration

Are bad customer services becoming the norm? I usually see myself as a calm and patient person, but there are a few things that can frustrate me a lot, one of the things is bad customer service. Unfortunately, you meet it everywhere, and it seems like it is becoming the norm in many industries.? As an example, in the last couple of weeks, I have had the task of finding and booking a hotel for Avallone’s next off-site. It seems to be an easy task, but when you are a group, you can’t book using the normal channels like the hotel's web page or booking sites, you need to get in contact with the right department at the hotel. The problem is that most hotel chains do not provide emails on their web page and do not provide direct phone numbers to the relevant department.? When I called the support phone number, I experienced several times getting an email that did not exist when emailing them. I tried to fill out multiple web forms and email them with no response at all or with a very long reply time. As a result, I, as a customer, got very frustrated and did business with the only vendor who replied and handled my request. I am wondering when hotel chains decided they did not want customers to contact them by email. And when did they decide that response time within 24 hours (even if promised) is not important? For me, it seems to be extremely unfriendly to customers; you do not feel you are important to them. We had the exact same experience with airlines. ?The above is just an example, but I often meet businesses where customer services are not prioritized, or maybe it is just a bad culture. I have worked with customers for a large part of my career, first in the banks and then with Avallone. I have always focused on giving customers great service, not just because it is the right thing to do but also because it is good business. As I see it, good service does not necessarily cost more; it is a mindset and culture that means you always think about how what you do impacts the customer. At Avallone.io, we have a value statement saying, “The customer is the real boss; everyone else is here to make them happy.” As responsible for Customer Success, it is the strongest mandate you can get. I will work hard to ensure that bad customer service never becomes the norm at Avallone.

Why are law firms so weird? (when it comes to KYC). Admittedly, the first time I spent time with compliance people from a law firm, I walked out frustrated. It was as if they had not understood anything related to basic AML and KYC processes and procedures. After my second meeting, I realized that I was the one who did not understand. Even more importantly, there are things that everyone can learn from this—especially if they work in a fund or asset manager. The big difference between KYC performed in, e.g., a bank and a law firm, is the customer/client perspective versus the case perspective. In a law firm, it's all about the case. Here are a few examples of how to think if you perform KYC in a law firm: ? In a law firm, you don't have a client if the client doesn't have any active cases. The case (e.g., a lawyer advising the client) is the product, and when there is no case, there is no product. Compare this to a bank customer who continuously has live products such as accounts and investments. ? This means clients can be “on pause” until the next case starts. Once a case starts, you must check if you have KYC on the client. If it is a repeat client (very likely), you just need to check if it's up to date and mark the client “AML OK”. If it's been a while, you may need to reach out to the client and get updated information. Sanctions, PEP, and adverse media screening must be updated in case you don't have monitoring on. ? A case can consist of several clients, opposing counterparties in the case, banks, other law firms, etc. Thereby, the case becomes a “project” where you must secure that each party, including their related parties (UBOs, directors, etc.), have proper KYC and screening status. Some parties need full KYC, others you can't get KYC on (e.g., the opposing counterparty), but you must ensure their sanctions status is ok. ? The risk scoring will blow your mind. Each client will have a risk score, but it's connected to the last case. The risk scoring of the case is critical, as this drives the KYC you need to perform on each client. Therefore, the case most often impacts the client's risk score rather than vice versa. However, a PEP status in a client or related party can reverse impact the risk score of the case. ? Time-stamped documentation of the KYC, the screening status, the risk scores, and the overall comments of the clients and the case must be in place during multiple time points of the case. You need to know and document what you had available when starting the case, but also be able to take new “snapshots” of the files if the case changes. To support this, you need some pretty advanced technology. Funds and asset managers could learn a lot, as they have the same problem when they work with investment projects, where you have investors, co-investors, banks, the target company or asset, subcontractors, etc. Ping me or visit https://www.avallone.io/ if you need help.

We’re excited to welcome Thomas Touray to the Avallone.io team as our new Junior Legal Specialist! Thomas joins us as a Student Worker, and he'll be working with us as he pursues his Master’s degree specializing in Business Administration & Commercial Law at Copenhagen Business School. We're sure that his academic background - as well as his experience in previous positions within the finance / accounting space - will be a great asset to our team. We’re looking forward to seeing his contributions and growth at Avallone. Welcome aboard, Thomas! #WelcomeToTheTeam #Avallone #FirstDay #NewJoiner #Legal #Compliance #RegTech #Fintech #KnowYourCustomer #KYC #AML #CBS #CopenhagenBusinessSchool #StudentWorker

??The U.S. Suspends the Corporate Transparency Act - What will this mean for AML + KYC? Read https://lnkd.in/d_pZTWcQ for what Sune thinks about this unexpected turn that will impact the discipline. #Avallone #KYCInsights #USTreasury #CorporateTreasuryAct #RegulatedCompanies #Regulation #Transparency #BeneficialOwners #FinCen #PublicRegister #KnowYourCustomer #DD #TPRM #Compliance #RiskManagement #RegTech #FinancialCrimePrevention #Fintech #KYC #DueDiligence #ThirdPartyRiskManagement?#AntiMoneyLaundering #AML

When someone asks how you send + answer all those endless #KYC questionnaires ???????????? Don't let your Innie suffer! Use Avallone.io's software and services for the KYC work. #Avallone #KnowYourCustomer #Severence #Innie #LumonIndustries #AntiMoneyLaundering #AML #Compliance #DueDiligence #ThirdPartyRiskManagement #TheWorkIsMysteriousAndImportant

Today, I had a great and very nerdy discussion regarding adverse media with our Financial Crime Prevention Services Team ??. It was about how to handle different scenarios of adverse media hits and when to involve our customers in the true positive hit since we always will make sure that the outcome of our managed service provides value for our customers. It was a good opportunity to remind ourselves of the reason for companies perform adverse media and all the dilemmas that the knowledge from adverse media screening provides. As I see it, the main goal of adverse media is to identify and assess well-known adverse media about a counterparty. Adverse media can’t help you identify risks that have not yet been identified by the public. One of the challenges with Adverse Media Screening is that even if a true match is identified, the article is often not negative for our client; we call it “white noise.” This could be articles where, e.g., the matched entity is the victim of a crime or maybe even the positive part of an adverse media. It is still a true positive, but it will not have a negative impact on our customer's risk, and therefore, we do not want to involve them. Some other adverse media are more in the grey zone. For example, if a counterparty is in an active trial but not yet convicted or maybe even has won a trial, will that be useful for a customer to know, and will it impact the customer's risk scoring of the counterparty? I would say it depends on the reason for the trial and the risk appetite of the customer. An Internal discussion like the one we had today helps us understand the issues and dilemmas. Most importantly, it helps us have the right discussions with our customers and ensure we follow their needs and risk profiles. I have helped many customers understand their risks and create procedures for the screening process. You are welcome to contact me if you want to hear what we can help with or if you just want to discuss adverse media. I do love a good, nerdy discussion. #adversemedia #AML #screening #KYCnerd #managedservices #advisoryservices #avallone Avallone.io

People don't wake up in the morning and think, " Today, I will go and buy some KYC software.” More often, people wake up and think, “Today, I will go and fix this pain point I have related to KYC.” The point is that not every problem can be solved (only) by software, and most often, you also need to look at processes and people/competencies. ? This realization led us to start an advisory and managed service two years ago. Not because this was part of the plan but simply because we had customers who loved our technology platform but did not have the processes or people to run the process. In other words, they wanted to get as much as possible off their table. There are a few pros and cons for using managed services: Pros: ? You get started faster, as you don't have to hire and train a team.? ? You utilize best practices, thereby minimizing regulatory risks and increasing quality.? ? You avoid having to hire KYC people on the team, maintain their competencies, and generally incur the overhead costs of an increased team.? ? You get more financial flexibility, as you can more easily reduce the costs and capacity. Cons: ? You don't build internal competencies and rely on your outsourcing partner. ? There are probably no cost-savings, as the outsourcing partner will take any gains from efficiency as their profit. ? You need to monitor performance/quality control to ensure compliance and that you get what you pay for. In general, I recommend utilizing managed services if you are early in your maturity, thereby missing basic framework elements (policies, SOPs, etc.) and having few or no people on board. This way, you can get started super fast, and with a strong policy/SOP framework, you can always insource it and start running it yourself as you grow. You should require that your outsourcing partner perform their own quality control so you can utilize this, and you should ensure that you can access all collected KYC data on the same platform as the outsourcing partner is working on. Make sure you can easily get the data out of the platform—preferably, you own the license to the platform that they use, so if you want to insource or move to another partner, you just shut their access down. Also, check which people are on the outsourcing partner team so they don't present the A-team and end up giving you the B-team when it's time to start. Competence is everything when performing high-grade KYC. Sune Warberg Clausen and his team are helping multiple firms with all sorts of use cases for KYC sharing, collection, and screening. If you need help, Ping Sune or me or visit https://www.avallone.io/.

?? Listen now on Spotify https://lnkd.in/dPVsuSTs Damian Glendinning from CompleXCountries interviews our CEO + Co-Founder Anders Meinert J?rgensen on his perspective about today's #KYC landscape #CXC #Avallone #CompleXCountries #KnowYourCustomer #Webinar #Interview #Treasury #Treasurer #AML #AntiMoneyLaundering #BankKYC #Compliance #ManageRisk #DueDiligence #ThirdPartyRiskManagement?