Working together for better implementation of AML laws
In cooperation with the Cleversoft group, a leading provider of RegTech software from Munich, SCOPE FinTech from Hoofddorp has developed a standard Customer Due Diligence (CDD) software solution. This solution is fully integrated with Microsoft Dynamics CRM. The Cleversoft group is a Microsoft Dynamics CRM partner and implements Microsoft Dynamics CRM at DJE Kapital. The cloud-based SCOPE CDD software solution performs background checks (PEP, sanction lists adverse media, etc.) for individuals and companies, among other things. With the SCOPE CDD solution, CDD checks are performed directly from Microsoft Dynamics CRM.
Through integration with Microsoft Dynamics CRM, CDD checks are performed in a very user-friendly way for employees. Only if a result is found, files are processed in the SCOPE CDD portal. The described solution went live in December 2019 and more than 5,000 files have now been examined.
SCOPE CDD records all checks performed in the form of a digitally authenticated pdf report. A complete investigation file is also recorded in the database. The SCOPE CDD solution runs in the Microsoft Azure Cloud environment for high reliability and optimal security. The solution is also AVG proof and an external Data Protection Officer has been engaged by SCOPE FinTech to ensure that guidelines are followed. In addition, the solution has been legally reviewed by a knowledgeable attorney.
Customer Due Diligence (CDD)
Customer Due Diligence is a form of a Know Your Customer inventory in the literal sense of the word. It is the process of gathering relevant customer information and assessing it for possible risk to the organization or money laundering/terrorist financial activities. CDD must be performed when a company under the scope of any law or regulation, relating to the Prevention of Money Laundering and Terrorist Financing Act or equivalent European or U.S. legislation, wants to enter into a business relationship with a customer. This applies to both a one-time transaction and a long-term customer-supplier relationship. In effect, this is a risk identification and assessment in accordance with the guidelines in relevant legislation.
About DJE Kapital
DJE Kapital AG is a German concern, active in asset management with several branches abroad. DJE Kapital AG was founded in 1974 and is currently based in Pullach. What is unique about DJE Kapital is that in 1987 they were the first asset manager in Germany to set up an equity fund, a fund which is still active today. In 2017, DJE Kapital began offering digital online asset management. DJE Kapital's history does show that they are innovative which also contributed to their choice of the new SCOPE CDD solution.
De Cleversoft groep is a leading RegTech company with Cloud solutions for financial services. Cleversoft also implements Microsoft Dynamics CRM. The Cleversoft group was founded in 2004. It is headquartered in Munich but has offices in Amsterdam, Frankfurt, Nuremberg, Luxembourg, and Sofia. Cleversoft optimizes Business processes for legal documents, marketing materials, commission payments, and other back office processes for more than 300 customers.
About SCOPE FinTech
SCOPE FinTech was founded in 1987. A true pioneer in the Dutch ICT industry. For over thirty years the Dutch market has been served with a professional CRM system, with a large, loyal customer base where the focus is on the financial industry. After thirty years of building, developing, and selling CRM systems, it was time for SCOPE FinTech to expand its product segment. Exactly thirty years after SCOPE FinTech was founded, a new product was introduced, the SCOPE KYC Cloud Solution which has since been expanded to include CDD control components.