Customer Due Diligence
Do you fall under the Money Laundering and Terrorist Financing (Prevention) Act?
Customer Due Diligence refers to customer research in the context of ethical business operations. It means that companies bound by the Money Laundering and Terrorist Financing (Prevention) Act must know exactly who they are doing business with in order to avoid dealing with fraudulent and criminal parties.
Who is the Ultimate Beneficial Owner (UBO) and how can this pose a risk? You must therefore identify and screen customers, a process that is often still done manually and takes a considerable amount of time. You can automate this process with Graydon's Customer Due Diligence solution.
How does the solution work?
- You search for the Ultimate Beneficial Owner(s) of an organisation with the UBO check module.
- With the compliance check, UBOs are immediately screened for PEP lists, checklists, sanction lists and negative publicity. You may expand the screening with credit information for a full assessment of the risk if desired.
- You monitor the UBO automatically. You will receive real-time, immediate updates in case of changes.
- You keep all your steps in a secure online archive for your audit trail. The online archive is provided with a backup recovery procedure, so your data is never lost.