Risk management as an enabler for new product development
“Partnering with Chaindots has been significant in our journey. Their expertise in compliance has not only laid a solid foundation for our expansion but has also enabled us to meet the rigorous requirements of our strategic partnerships. With Chaindots, we’ve streamlined our processes, enhancing operational efficiency. We look forward to further collaboration as we navigate new markets and regulatory landscapes”.
Alex Robbio
CEO & Director Glim
The company
Glim is a financial wellness platform. The Colombian startup in the Wealthtech sector allows companies to offer their employees the possibility of collecting their salary and accessing different financial tools to make their salary profitable: automatic savings, the possibility of saving in dollars, advances, cashbacks and returns on their savings.
Glim offers companies a portal to upload their employee payroll and invite them to access the benefits offered by the solution. Employees can download an app and manage how much of their salary they want to receive in their Glim wallet to maximize their savings capacity and achieve their financial wellbeing.
With Glim, employees can obtain a personalized financial diagnosis and plan, financial coaching, financial education, an interest-bearing peso account, an international card, discounts on purchases, access to multiple currencies, salary advances and digital dollar accounts.
The challenge
Glim needed to build its compliance and anti-money laundering and counter-terrorist financing foundations in order to start operating in Colombia, open bank accounts, launch the Glim Card to broaden the value proposition to its customers, and link up with strategic partners.
The solution
Glim hired Chaindots as its Compliance Partner.
Chaindots developed the Money Laundering and Terrorism Financing Prevention Programs, the Compliance Programs, and assisted GLIM in its partnership with Pomelo to launch the Glim Card.
Within the Prevention of Money Laundering and Financing of Terrorism programs Chaindots developed:
Program for the Prevention of Money Laundering and Financing of Terrorism SAGRILAFT
- Onboarding Policy and Processes
- Monitoring Manual
- Client Transaction Profile
- Client Risk Matrix
- Training Plan
- Risk Self-Assessment
- Audit Plan
- UIAF Procedure
Compliance Program
- Corporate Compliance Policy
- Know your Employee & your Partner Policy
- Code of Ethics and Conduct
- Anti-Corruption Policy
The impact
Glim hired Chaindots as its Compliance Partner Glim launched its operations in Colombia, successfully attracting clients and demonstrating a high degree of compliance and security for the companies that rely on its solution.
Glim was able to comply with Pomelo’s Due Diligence process and launch the Glim Card.
Given the success of the alliance, Glim decided to go further and hire the Chaindots platform to perform the Due Diligence processes of its clients in an automated way. The use of the Chaindots platform allows Glim to minimize the onboarding time of companies, evaluate the risk of its clients, comply with local regulations, and provide its clients with an excellent user experience.
And now the company is working together with Chaindots in its linkage with companies in the UK and building all its Compliance and AML Programs to comply with the regulation and the requirements of its strategic partners.
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