Expert input and verification for a fast track Customer Due Diligence (CDD) software development project: helping the business community. On request of users, financial authorities and the market as a whole SCOPE Fintech in the Netherlands started the development of CDD software according to international standards. The data model of the SCOPE KYC Cloud Portal is 100% compatible with the data needed for CDD client verification so that part is covered.
The SCOPE KYC/CDD portal software will support the CDD client research process according to the Dutch Financial Authorities rules as described in the document “DNB Leidraad WWFT en SW version 3“.
The WWFT is the Dutch Money Laundering and Terrorist Financing (Prevention) Act. The WWFT contains provisions regarding customer screening, identification and verification of customers, and the reporting of unusual transactions. Many of these rules are international so we expect a quick European coverage.
There are two layers available in the SCOPE CDD portal software:
(1) CDD SAAS to enter, maintain and verify all required CDD data with (2) the SCOPE CDD Knowledge API’s. It is possible to communicate with these API’s as a web service.
We expect a fast track development process because:
- All data required for CDD is already present and can be stored in the SCOPE KYC Cloud portal. If a financial institution only uses the SCOPE CDD Cloud Portal, it is a simplified data set of our KYC software. It is also possible to use both CDD and MiFID compliant KYC in the same environment. Everything an institution needs to ask and know for a good CDD process can be stored in the database. Available are amongst other things GDPR compliancy, document storage and a private messaging system for communication with clients and related companies
- SCOPE FinTech has a generic company- and contact person database platform available, which will be enriched with CDD risk dimensions like Countries involved, Product risks, PEP tests and UBO identification. The performance and communication aspects are all covered and we are adding functionality to an existing environment, which is already fully API based. This functionality is already integrated with the SCOPE KYC Cloud Portal. The SCOPE CDD Knowledge components will be built according to international standards like FATF and the Transparency International Corruption Perception Index. If necessary for the best possible result, we will also couple with external data suppliers. The SCOPE CDD Knowledge components will be developed as API’s in the cloud that can be called upon by our SCOPE CDD/KYC Cloud portal but also by any other application that supports web services and needs to verify information.
Co-creation is important. If you or your company are interested in being part of this development, feel free to contact us at: email@example.com