The European anti-money laundering directive and national implementations thereof, such as the Dutch Wwft (Anti-Money Laundering and Anti-Terrorist Financing Act), oblige certain organisations to perform a client inventory (Customer Due Diligence/CDD). The organisations to which this obligation applies must comply with CDD requirements when they enter into business relationships. It is important for them to ascertain the identity of their customers, determine their risk profiles, and record these results for a possible audit. In addition they are obliged to report irregular transactions. These organisations are therefore expected to know their customers and not to enter into relationships with persons who could damage the reputation of or the confidence in the organisation.
As part of these legislation and regulations, you as a business are required, to perform your own risk assessment in respect of money laundering and terrorism financing, among other things. A Customer Due Diligence check is performed to make this assessment. You must provide this risk assessment to the supervisory bodies (Dutch Authority for the Financial Markets AFM, DNB) if requested. This means you must have the administration or a system in place using which these risk assessments can be performed in a way that is traceable and reproducible, in accordance with the guidelines of the supervisory bodies.
Customer Due Diligence checks On Demand
Avoid reputational damage and comply with the AMLD (Anti-Money Laundering Directives). With CDD On Demand you can investigate quickly whether people appear on PEP lists or on sanction lists, whether there is negative publicity about this person and whether this person is under the supervision of a financial regulatory authority. For investigations of this kind we make use of the extensive compliance database of Company.info.
After a search you will always receive a certified report with information about the CDD investigation that was performed for your administration and the information is recorded in a database.
On the “CDD On Demand” website you can purchase credits which you can use to search for a person, check the results and download a report for your administration (including the components checked). If the person you are looking for is found in the CDD database, this report includes the following information: an overview of the components checked and full details such as aliases, sanctions, functions and documents.
How does it work?
The CDD On Demand solution from SCOPE Fintech is very straightforward. You buy credits and receive an email with an activation link. After activating your account, you can immediately start your checks in your own CDD On Demand portal for which you receive login codes. We use Two-Factor authentication (logging in with an extra log-in code on your mobile phone) to prevent abuse of the service.
The reason to choose CDD On Demand
So if you decide to utilise SCOPE CDD On Demand, you do not have to have your own software and database. CDD On Demand is ultra-simple and efficient. The result of your CDD check is captured in the SCOPE CDD solution in a way that is traceable and reproducible and supplied to you in the form of a detailed report on each business contact/person. The perfect solution for businesses and persons that lack the time or the capacity to carry out the checks themselves.