As a bank, insurer, investment institution, administrative office, accountant, tax adviser, trust agency, lawyer, broker and civil-law notary, you are subject to the Money Laundering and Terrorist Financing (Prevention) Act or Wwft and your company is required to carry out a Customer Due Diligence (CDD). CDD consists of statutory integrity checks.

CDD has many facets, such as identifying the (new) account holder, investigating the role of the account holder in the social system, the account holder’s connections with various organisations, and searching for publicly available (negative) information about the new account holder or his connections. These CDD integrity checks must be reproducible and logged, so audits can take place. The client risk must also be continuously monitored and the CDD investigation must be repeated on a regular basis. Last but not least, CDD is currently a largely manual process that is very time-consuming.

Super-fast, safe and reliable CDD in compliance with the Wwft: this is how

A large part of the CDD process can be automated: it is about extracting and structurally offering complete, reliable CDD information  about persons, companies, organisations, risk countries, etcetera. In the Cloud, personal or company-related information is available as PEP lists, UBOs, Adverse media etc. This information can be obtained for a fee from Company.info and other information providers. Other publicly available knowledge tables are also consulted, for example to assess the geographical risks of a client or a transaction.

For your CDD check we have developed a specific input functionality and knowledge components which can be integrated with. Also, the SCOPE CDD process shall be fully documented for a possible audit and SCOPE CDD reminds you if the CDD process needs to be re-runned. All information obtained digitally can be exported to a BackOffice or a CRM system. SCOPE CDD provides an enormous acceleration and qualitative improvement of your CDD process. On request, the product can also be offered as a service.

Super-fast, safe and reliable CDD in compliance with the Wwft: this is how. We would like to invite you to one of more of our weekly webinars, discussing this motto.

Customer on-boarding is the collective term for the acceptance of new clients in various industries. The collective term Customer on-boarding also includes Customer Due Diligence (CDD) and Anti Money Laundering (AML/WWFT) checks. Customer on-boarding consists of a large number of actions (a workflow) and a risk analysis, which must be carried out before a new client can be accepted or an existing client can be retained for a financial institution.