We would like to congratulate OVG asset management from The Hague for putting the new service “SCOPE CDD on Demand” into use. With the help of this new service OVG asset management can very easily perform a compliance check within the framework of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and Sanctions Act for both new and existing clients and store the result of this check in the client file. This compliance check consists of checking relationships and persons:
· Whether this person or company is considered to be a politically prominent person (PEP)
· Whether sanctions have been or were taken against this person or company
· Whether this person or company is subject to supervision by a financial regulatory authority
· Whether there is negative publicity about this person or company
· Whether this person or company is supervised by a law enforcement authority
· Whether this person has been declared incompetent as a director or whether this company has a director declared incompetent.
The end result of the check is recorded in a report which can be kept as part of the client file.
The advantages for OVG
‘The reason why OVG asset management chose the new “SCOPE CDD on Demand” service, is that it is a very low-threshold service that ensures that every asset manager can control his own customers and new customers himself in an efficient and simple way’, says Mr Wouter van Ganswijk, director of OVG asset management in The Hague. ‘From a compliance perspective, the execution of this can be monitored and periodically updated in a consistent manner. This offers OVG asset management more certainty and an additional external risk assessment of clients in a cost-effective way.’
SCOPE CDD on Demand
Do you want to know more about this new service? Take a look at www.cddondemand.com and try out the new service yourself.