The earlier of: 1) The date the contract has been signed, or 2) After the first service has been provided to the customer. Examples: When the first State Street generated report from the account is delivered to the customer. When servicing commences, generally by way of a signed agreement noting that services should not be performed until the agreement is signed. Topic 10: Overview of the AML Toolkit Overview The AML KYC Toolkit sets the foundation of our AML Program. The following describes the components of the AML KYC toolkit. Component Description The Global Policies establish comprehensive policies, principles and Global AML and standards to protect State Street’s, and its employees, shareholders’ and Sanctions Policies customers’ from exposure to AML and Sanctions risks. Global AML and The Global AML and Sanctions Business Unit Standard Operating Sanctions Business Procedures are designed to assist the Line of Defense in meeting Unit Standard regulatory expectations as well as State Street’s expectations on processes, Operating activities, and controls defined as part of the AML and Sanctions’ control Procedures environment. The Customer Translation Table helps the Business Unit map their existing Customer Translation Table customer types to the new State Street customer types. The KYC Requirements Matrix outlines the Policy requirements for KYC at KYC Requirements State Street. It includes a description of each requirement including data and Matrix evidence that must be acquired, verified and recorded by customer type. The KYC Technology Platform is a tool created to: Facilitate communication and workflow between Business and AML KYC CoE (Shared Services). Provide a facility for uploading and storing of documents. KYC Platform Create a record of compliance with KYC Procedures. The KYC Technology Platform supports all components of KYC as well as risk rating calculations for customers, where State Street has a regulatory obligation. KYC Platform functionality allows a user to:
The earlier of: 1) The date the contract has been signed, or 2) After the first service has been provided to the customer. Examples: When the first State Street generated report from the account is delivered to the customer. When servicing commences, generally by way of a signed agreement noting that services should not be performed until the agreement is signed. Topic 10: Overview of the AML Toolkit Overview The AML KYC Toolkit sets the foundation of our AML Program. The following describes the components of the AML KYC toolkit. Component Description Global AML and Sanctions Policies The Global Policies establish comprehensive policies, principles and standards to protect State Street’s, and its employees, shareholders’ and customers’ from exposure to AML and Sanctions risks. Global AML and Sanctions Business Unit Standard Operating Procedures The Global AML and Sanctions Business Unit Standard Operating Procedures are designed to assist the Line of Defense in meeting regulatory expectations as well as State Street’s expectations on processes, activities, and controls defined as part of the AML and Sanctions’ control environment. Customer Translation Table The Customer Translation Table helps the Business Unit map their existing customer types to the new State Street customer types. KYC Requirements Matrix The KYC Requirements Matrix outlines the Policy requirements for KYC at State Street. It includes a description of each requirement including data and evidence that must be acquired, verified and recorded by customer type. KYC Platform The KYC Technology Platform is a tool created to: Facilitate communication and workflow between Business and AML KYC CoE (Shared Services). Provide a facility for uploading and storing of documents. Create a record of compliance with KYC Procedures. The KYC Technology Platform supports all components of KYC as well as risk rating calculations for customers, where State Street has a regulatory obligation. KYC Platform functionality allows a user to:
StateStreet_KYC%20Platform_Participant%20Guide_V2.4_10-Mar-2015.docx