Read this article for a basic understanding of the main concepts in Meo.
Identities (persons and companies) and accesses
The main component of the Meo platform is the identity. Identities in this context should be understood as both persons and companies. Within identities, there are some key aspects.
Data management
Data on a person or company is either coming from an access or else it was uploaded by a compliance officer as an attachment. The difference is primarily due to access management and deletion rights. The attachment is owned by the workspace, while the data from a client via an access is owned by the client.
Accesses
An access is a collection of data that a client has given you access to via the Meo platform. Whenever a client is completing an onboarding process, an access to the client’s data will be created.
When data on a person is coming from an access, then it means that it was the person him- or herself that uploaded the data and shared it with your Meo Workspace. The same applies for accesses for companies. This data is owned by the company, but managed by a person. There is a person behind every company identity on the Meo platform.
The client can, via their Meo account, see exactly what data they have shared to any company on the Meo platform. This data is still owned by the client, but they have given you access to it.
The client can request to have their data deleted, but your legal AML requirement to the data means that it is your decision whether or not to delete the clients data. See more on the Archiving and data deletion article.
You must request access to data from a client via a request. Read more on requests in our article Requests for data.
Attachments
When data is uploaded by the compliance officer then it is considered an attachment. Attachments are essentially just data that is owned by you and not the client on the Meo workspace. This also includes screening certificates or other system generated data.
Attachments are not automatically shared with the clients, and you can therefore add whatever information you deem necessary to the platform.
Attachments are classified by having a little paperclip icon 📎 next to them.
Screenings
Screenings for PEP, sanction lists and adverse media are being run in collaboration with ComplyAdvantage, a market leading player in the space. We offer a deep integration with ComplyAdvantage, which allows you to modify the screening requirements and access the best-in-class data.
As mentioned, we are screening three categories:
- Politically Exposed Persons
- Sanction lists
- Adverse media
Read more about these screenings in the article for optimizing the screening for PEP, sanction lists and Adverse media.
Monitoring of company information
After company information is collected, meaning both the basic information about the company and the information about the ownership of the company, then we recommend that you monitor the information. Monitoring here means that you are monitoring the company information source (e.g. CVR, Creditsafe, Alma Talent, etc. See the full overview here) and the system will let you know if there are any changes in the future.
This way, you reduce a lot of time spent checking the data every X amount of time, as you are continuously monitoring the ownership and decision rights of the company.
Any changes will prompt an alert on the company, that you will need to investigate and potentially act on. Some alerts might be a simple address change or a company name change, while other alerts will change the ownership. It is especially the latter that are important.
Relations
Relations are people and companies that have a certain relation. These can vary, but include ownership relations (legal and beneficial), management, board of directors, etc. All relations that are retrieved will be placed in the company information data, and the relations are mapped into the system. You can always see the mapped relations in the Relations-section on each profile, here you can also create a visual ownership diagram of the relations of a company.
Processes and risk assessment
Processes is a broad concept in Meo, but it essentially is divided into a few different types of processes which includes risk assessments:
- Onboarding processes - This is by far the most used type of process. This is the data requirements for onboarding clients and are typically sent as requests to clients.
- Risk assessment processes - This is the risk assessments that can be used to assess the AML risk of the client.
- Approval process - This is the process used to get a report approval of a client by a third party, typically a partner of so.
More information about onboarding processes can be found here while risk assessments are described here.
Archiving
When a client relationship is completed, then you will need to save the data for some years, typically five but it might depend on your local legislation. We have made it very easy to archive data, you simply select ‘Archive’ from the three-dot menu and follow the short process that will ask you:
- Which data (or all) you want to add to the archive.
- How long should the archive exist before automatically being deleted? Default option is 5 years.
- Which Archive Key should the data be saved under - typically a client ID or a case ID is used here.