SCOPE CDD for Emily Systems
In order to comply with AML & Sanctions laws and regulations and prevent reputational damage for users of the Emily software, Emily Systems and SCOPE FinTech Solutions joined forces in a partnership and created an integrated solution to help their customers perform the necessary client investigation, risk assessment and monitoring of clients in the most efficient way. This appendix will give a short introduction and description of the integration, available features and how to proceed when interested in obtaining this solution.
SCOPE CDD API: building blocks for your solution
The foundation for the integrated solution is the SCOPE CDD API. The SCOPE CDD API offers the building blocks with functionality which can be integrated in the AML workflow or process. The SCOPE CDD API requires a license and authorization, which can be obtained by clicking the link in this brochure and filling in the information request form so SCOPE FinTech Solutions can contact you to discuss your needs and requirements.
Solution overview – the client investigation framework
The client investigation part of the AML requirements in terms of process and functionality consists of:
- Perform a client investigation as part of the onboarding of new clients.
- Monitoring and maintenance of the entire client base
- Event based reviews triggered by either monitoring or changes in the client’s situation / information that impacts the risk assessment.
- Periodic reviews based on client risk status & policy.
Onboarding: the client investigation
Performing a client investigation can be challenging and time consuming. Fortunately, there are features available in the SCOPE CDD API that can massively speed up your investigation and help you perform the necessary tasks. More detailed information is available by following the link in this brochure to the SCOPE website and read more about the various features. A quick overview of the most important features for onboarding of new clients:
- Perform automated UBO investigations to determine the UBO’s of legal entities.
- Perform automated background checks / screening of both legal entities and natural persons against a variety of sources required for AML screening like sanctions, PEP, adverse media, insolvency, law enforcement, offshore leaks, disqualified executives, etc.
- Perform automated and extended internet search via BING and/or Google.
- Perform a complete geographical check of all the client’s touchpoints with locations and their risk.
- Perform automated risk assessment using our flexible and configurable algorithm.
- Have a certified by SCOPE FinTech Solutions PDF report available as proof of the conducted client investigation and risk assessment.
Emily Systems is the heart of your client administration and client files in which all clients are registered after onboarding. As part of the integration with the SCOPE CDD API Emily systems integrated the client administration with the Monitoring features in the SCOPE CDD API, so that after the onboarding process clients can be added to the Monitor list for permanent guarding. There is an overview available of all the clients that are currently being monitored and in case a client leaves the company this client can be removed from the Monitor list to stop the permanent guarding.
By Monitoring all clients, a financial institution complies with its duty to keep check of any changes in the client’s profile and be compliant with the relevant laws and regulations at all times.
Reviews: periodic and event based
Based on the risk status of the client and the risk policy client’s need to be reviewed. This review cycle is based on the date the last client investigation was completed and the risk status was set. By implementing the integrated solution from Emily Systems and SCOPE FinTech Solutions a company can be sure that it is “in control” of the entire framework of the client investigation, monitoring and reviews in the most efficient way.