With the regulation for compliance becoming ever more complex and
with a wider scope, more and more companies are being pulled into the regulatory framework. Today many areas where cash can be used as a method of payment or when a large transaction can be done by credit
or debit card have now been put under the radar. Such areas include:
Jewellers / Retailers
Oomero can help jewellers, watch dealers, bullion dealers and retailers and any other company dealing in high-value goods. Recent changes in the law now means anyone taking over £3,000 in cash or £15,000 via a debit or credit card is required to do compliance checks on the individuals.
We at Oomero realize that this is a major departure for normal practices for most retailers. It represents a new operational skill set which we at Oomero can fill, thus making this new additional step easier to be integrated into your business flow.
Most customers we believe will be easily onboarded and any that do require additional checks should be able to be processed very quickly.
At Oomero we understand the challenges being faced by the financial services world from stock brokers to wealth managers, asset managers to challenger banks.
The regulations are continually changing requiring firms to continually seek our new solutions and then the problem of implementation. Our Single API solution has a wide variety of specific solutions from a wide range providers and data owners allowing our customers the singular advantage of knowing that we have the best of breed suppliers in one place to cover all their needs. In addition our team of experienced checkers allows our customers to scale their compliance department without having to add additional staff on long contracts.
We ensure that our clients are continually at the forefront of technology and are able to benefit from a team that understands both the technology side as well as the compliance side and can ensure that the customer journey is frictionless
Our key solutions are:
Electronic Identity Verification
Bio-metric & multi-factor security
In-house compliance team
Oomero Personal Database
AI & Machine learning led Adverse Media Checks
Continuous PEPs and Sanctions Checks
At Oomero, being a FinTech business ourselves, means we understand the quick pace and needs of FinTech clients. Our solution and team allow FinTech clients in whichever space they are in to leverage our backend and our services to create their desired solution. Be it a challenger bank or a new payments company or any other field we make it simple to cover the regulatory environment they have to work in and give them the ability to scale without the need to add local teams to do their compliance.
Our service is able to meet the demands of this fast-paced world with a solution to fit every need.
Gaming and Compliance have become further entwined to ensure the safety of the customers and also ensure that the wider AML requirements are met. At Oomero understand the needs of our Gaming Clients and the updated regulations to ensure that they are always up to date.
The new regulations being adopted by most countries are aimed at ensuring that the client's age is verified and also all basic minimum metrics are adhered to. Our ability to do anywhere from the minimum to a more complete verification means that our customers can upscale their compliance to a more exacting degree with simple ease.
The key changes at present are:
Age Verification - This needs to be created when the player registers on the gaming platform
Identity Verification - The gaming operator must verify - at the minimum - the user's Name, Address and Date of Birth. Usually, this entails a passport or driving license. We can enhance this for a minimal increase by adding Sanction Screening and Adverse media and clients Credit Score to ensure that the client has a better understanding of their customer.
Eligible Games - All operators have to ensure that even customers who are playing free-to-play versions of any game are age verified. This applies to all remote betting and gaming operators including lotteries.
The above changes to the regulations ensure that operators have more information on their clients and can detect criminal activity and prevent harm to their customers. It also means that all customers are ID verified enabling cashing out to be done thus reducing need for operators to ask for IDs before any cashout is done thus reducing friction between operator and customer. The UK Gaming Commission has stated that 15% of the complaints it has received related to online operators needing significant ID verification to get their winnings.
The Secretary of State for Digital, Culture, Media and Sport has stated that these changes ensure that operators must check and verify someone's age before they gamble not after the event. The rule changes have created a strong verification solution to ensure children and young people are able to play only age specific games.
Our solutions at Oomero allow our Gaming clients and operators to go from a minimum standard to as high as they want to ensure they know they customer as well as possible and also ensure that no underage gambling, online scams or fraud are committed through their online platforms.
Payments / MSBs
In the fast moving world of payments the requirements for compliance have become ever more challenging. To ensure that money is being properly sent and received many companies are now faced with more complex onboarding and monitoring requirements. The increased cost of this has been a problem area for many in the payments and Money Services Business (MSBs).
At Oomero our solution provides easy set-up, defined cost, a fully managed service and an effective solution for today's and any future requirements. We can give a defined cost for this sector and have the full back-office team to ensure that the on-going cost is one that can be accepted by the Payment & MSB sector.
Companies working in the professional services sector are particularly sensitive about their clients and their reputational risk. Though compliance has been mandatory for many verticals in the professional services space many do not have the systems or solutions like a large company. At Oomero we have created
a solution which can give the strength of a large company to even the smallest professional company or individual.
For our SME clients we have a powerful yet easy to use SaaS model with the backup of a full manual compliance team to check all their customers. Our system allows for a quick onboarding process with a viewable audit trail which ensures that customers are quickly onboarded and if there is an exception they know where it is in the queue.
Property & PropTech
At Oomero we know the increasing importance of compliance within the property
& PropTech industry. Since the 4th Money Laundering Directive all estate agents are require to do complete AML (Anti-Money Laundering) checks on both buyers and sellers. Client onboarding for the estate agencies has now become a more complex task with added the added regulation which has led to increased on-boarding time, additional time for due diligence and new skill sets which can significantly impair the client onboarding process.
How can we help
Our solution enables the smallest to the largest estate agencies to use a simple automated solution with the added benefit of our compliance team who will help
when there are anomalies in the checks. We cover all key areas to ensure your client
is a bonafide client including:
AML Checks - Address Verification, Beneficial Ownership
Sanctions and PEP (Politically Exposed Persons) list
Continuous monitoring solution for Sanction & PEPs and Beneficial Ownership Checks
Deceased individual check
Full audit trail
Complete PDF of each person or entity check to enable easy document management
We simplify the process for our estate agents, depending on their size, by giving them a web interface or a Single API to connect to their our in-house systems.
Our solution is well suited to any of the following types of companies in this sector:
All our data storage is done in a secure environment using the best of breed cloud providers. To enhance our security all documents are encrypted to 256 bit level. All documents are time and date stamped and any checks performed are all logged allowing for a simple audit trail for each customer or business being checked.
Real time right to rent
Estate agents, Lettings companies and landlord have now all come within two key pieces of legislation which means they are obligated to Know and Monitor their tenants. The 2 pieces of legislation are the 2016 Immigration Act (Right to Rent) and the 4th Money Laundering Directive. The onus has now changed to ensure that the relevant organisation or landlord is actually doing full KYC (Know Your Customer) checks on their prospective tenants. Any failure here could leave to substantial fines as well as reputational damage to the business for their LKYC failures.
The solution at Oomero is capable of doing a variety of checks to ensure that our clients are fully compliant:
ID Verification - Passport, Driving Licences, National ID cards and many more documents can be verified depending on the country
Once the document and other data is received a real-time electronic check can be done to check the clients 'Right to Rent'
All our clients receive back a full compliance feedback which includes checking the MRZ (Machine Readable Zone) of passports and visas, checks on the Biometric resident Permits and other documents where required.
Bespoke solutions for all clients to ensure they meet the regulatory requirements and their own internal requirements for due diligence and KYC checks.
Automated Electronic Document checks
We check more than 200 document types
Secure cloud based solution and cloud based storage
Simple report giving all checks performed in one document
Full Audit trail and reporting
Updated solutions as the legislation changes
In house team of compliance professionals who can be outsourced
The RegTech (Regulated Technologies) field drives innovation in the regulated environments they aim to disrupt. At Oomero we know the challenges that such companies face.
Working with specific requirements to fulfil exacting needs and on a real time basis. We understand our clients’ needs and what their edge is to allow them to deliver their solutions to their clients.