Currently, many financial institutions are lagging behind in their performance of the statutorily required Customer Due Diligence (CDD) for their clients. CDD comprises a number of legally prescribed integrity checks that have to be performed pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Dutch Wwft). There is a high demand for a quick, reliable solution that supports employees trained in CDD in carrying out the required work.

CDD has many facets, which include – among others – identifying the (new) account holder, investigating the account holder’s role in society, the account holder’s relations with organisations, and searching for publicly available (negative) information about the new account holder or his relations. CDD checks must also be reproducible, in the sense that it must be proved that the check has actually taken place. Moreover, the client risk is also assessed continuously using an algorithm. CDD must be repeated on a regular basis. At present, CDD is mainly performed manually.

It is therefore about being able to request complete, reliable CDD information about persons, businesses, organisations, high-risk countries, etc. and offering this information in a structured way in the Cloud. This requires one or more reliable suppliers of the CDD information and robust software that deals with the Q&A functionality, but also logs everything reproducibly.

SCOPE FinTech has developed knowledge components for CDD with which communication in the Cloud is made possible. Information is obtained by, among other things, using the Company.info data to retrieve specific personal data or business-related data such as PEP, UBOs, Adverse media, etc. Other publicly accessible knowledge tables are consulted as well, for example to view geographical aspects of a client or a transaction.

This results in a huge acceleration and qualitative improvement of CDD. In addition, the Customer onboarding process is fully documented for a possible audit, and a reminder is issued if the process must be carried out again. All information can be exported digitally, for example for a BackOffice or a CRM system: a quick, safe and reliable way of onboarding customers indeed!

About Compny.info

Company.info is part of FD Mediagroep B.V. and has been a supplier of reliable business data and personal data for more than 20 years. Using the most up-to-date and complete companies database, Company.info helps business professionals work more effectively, comply with the laws, and achieve growth. Company.info serves both SMEs and the corporate market in the Netherlands, Belgium, and Germany.

About SCOPE Fintech Solutions

SCOPE Fintech is a trade name of SCOPE marketing technology B.V. With various products, including CRM and the SCOPE KYC Cloud Portal, SCOPE FinTech is mainly working for financial institutions. SCOPE marketing technology is based in Hoofddorp, the Netherlands.

Customer onboarding is the collective name for accepting new clients in various sectors. Among other things, Customer Due Diligence (CDD) and Anti Money Laundering (AML/Wwft) checks also fall under the collective name of Customer onboarding. Customer onboarding consists of a large number of actions (a workflow) and a risk analysis, that has to be carried out before a new client can be accepted or an existing client can be maintained for a financial institution.