We provide consulting, technology and services to numerous corporations, investment funds, law firms, legal departments, servicers, notaries and advisors
Management of KYC/AFIENS CUMPLE
AFIENS CUMPLE (“AFIENS COMPLIES” in English) is an innovative initiative that has managed to combine into a single tool everything needed for a Complete Program aimed at Anti-Money Laundering and Counter Terrorist Financing.
The commitment of our firm, AFIENS LEGAL, SLP, to LegalTech and our reputation as a company that makes our clients’ lives easier, led us to launch the AFIENS CUMPLE solution in 2021 to cope with the rather feared and stringent regulations currently governing Anti-Money Laundering (“AML”) and Counter Terrorist Financing (“CTF”).
AFIENS CUMPLE: A pioneering, innovative and necessary project
At Afiens, we monitor and take great care to ensure that our clients are fulfilling their obligations.
As a result of the Transposition of the 5th European Directive on Anti-Money Laundering, by means of Royal Decree-Law 7/2021, of 27 April, and which came into force on 28 April, 2021, a series of additions have been included that are particularly relevant for the property or real estate sector. One such addition is the inclusion of New Obligated Entities, which include property developers and those who work as estate agents, brokers or intermediaries in the leasing of property involving a transaction for a total of €10,000/month or €120,000/year, and not only in the sale of property, as previously stipulated in Law 10/2010 on AML-CTF, as well as a Reinforcement of the mechanisms aimed at information availability and transparency regarding the beneficial owners of legal entities, requiring that they obtain, safeguard and update the information on their beneficial ownership, making it known to the authorities and the obligated entities when necessary.
Given that a high percentage of our client portfolio consists of Real Estate Funds dedicated not only to property development but also to leasing, and considering the amount of work that the current regulation would entail with the coming into force of the Transposition of the 5th Directive, we came up with a Solution: “AFIENS CUMPLE”. This offers a SUITABLE SOLUTION to the AML-CTF Program required under current regulations, within a SINGLE SPACE, with available access 24/7/365, and from where AFIENS provides a range of solutions to its clients, including:
Managing large volumes of documentation
thanks to the automatic classification of documents.
Rapid and easy localisation
of key information thanks to the personalisation of pivot tables.
Monitoring the progress of projects
in real time, from any device, thanks to a tailored scoreboard and key performance indicators (KPIs) in each project.
Optimal and efficient provision of legal services
thanks to the automated management of teams, tasks, schedules, alerts and notifications, and to the implementation of automated work flows.
Control regarding legally required storage periods for AML-CTF documentation.
Enhanced operational agility
Thanks to the integration with value-added software, such as:
- Document automation software based on decision trees that generates documents quickly and correctly. In this case, we created the Know Your Customer (KYC) forms and compliance policies.
This software guarantees uniformity because it is able to convert template documents into online applications, which generate documents based on information inputs provided by the client. The client completes an interactive form, which in turn lets the system generate a KYC File automatically, which will be revised by the legal team on the same platform.
- Generating Risk Reports for each operation by analysing the KYC created, uploading of documentation to the Platform and searching for information on each subject researched thanks to the tool that is integrated into the Dow Jones Risk and Compliance
- Advanced and Qualified Electronic Signature of the Risk Report generated by the legal team and available on the spot for the client, saving it in the Document Manager created for each client and each project.
Providing Online Training to our clients’ employees using our AFIENS LEARN technological tool.
Value proposition: internal and external repercussions of the project
Thanks to AFIENS CUMPLE, we were able to improve internal processes in our Regulatory Compliance services. As a result of this, we launched a technological tool that offers a Complete AML Program within a SINGLE SPACE, offering total security and privacy:
of mandatory KYC records.
Exhaustive and reliable collection
of the information and documentation thanks to automation tools and the integration of Dow Jones Risk and Compliance.
of our clients’ operations with a sound and comprehensive AML-CTF solution.
Implementation of new and improved processes
in response to new obligations in AML-CTF.
On an external level, not only have we improved on our compliance with AML obligations, offering time and cost savings of up to 70%, we also enhanced the value chain itself and the delivery of these services. We have transformed almost a decade’s worth of know-how into a Technological Tool. This meant that in 2021 we were able to simply, securely, logically, transparently and automatically manage the design of over 120 Protocols in general concerning AML-CTF, over 1,500 KYCs with their respective Dow Jones and Risk Compliance reports, and over 50 audits for AFIENS clients.
Internally, the repercussions have been equally significant, as we have noticed a considerable improvement in our Client Identification processes. The AFIENS CUMPLE Project not only meets our clients’ needs; it also meets the needs of AFIENS as an Obligated Entity in AML-CTF matters. Thanks to this tool, we have improved our processes, positioning ourselves as a Legal Firm with its AML-CTF obligations covered and up to date.
Why AFIENS CUMPLE?
AFIENS arose in 2012 as an Alternative Legal Services Provider, under the category of Legal Process Outsourcing (LPO). For almost 10 years, we have been innovating with the best technology to fit our services, always with the clear goal of making the lives of our clients a lot easier. With AFIENS CUMPLE, we have been able to offer a complete solution that meets the needs and obligations of a good Compliance Program, and more specifically, an AML-CTF one.
We like to think that we make the lives of those around us easier. It is that spirit that inspires us to keep on developing Innovative Projects that are highly useful and usable for AFIENS and, more importantly, our Clients.
Legal management of property projects and Regulatory Compliance
The case of Thor Equities
Out of all the operations undertaken in 2021, there is one that stands out the most because of how technologically challenging it proved to be for AFIENS: The complete management of regulatory compliance (AML and GDPR) and the management of the sale of apartments in the GRAN VIA 30 building, owned by Global Caffarra SLU, and belonging to the THOR EQUITIES Investment Fund. For this project, AFIENS developed a tool in our Technological Platform in which the entire pre-sale, sale and post-sale process for each of the properties of this client and others is handled.
- Legal advice and overseeing of deeds
- Care service for buyers
- Regular reports
- Regular withdrawals of the “Welcome Pack”
- Signing before a Notary
- Supervision of the deed of sale and of the documentation to be notarised
- Appearing before the Notary for the signing of the deeds of sale
- Handing over the “Welcome Pack” before the Notary
- Depositing the cheques handed over before the Notary in the bank
- Daily reporting to the client
- Sending the uncertified copy of each deed
- Settling the Tax on the Increase in Value of Urban Land (capital gains)
- Overseeing the change of ownership on the property register and the cadastral register
- Monitoring and resolution of discrepancies regarding the cadastral register