CDD On Demand for lawyers
The financial world is constantly on the move. Less personal contact, more complex products, a growing tangle of monetary flows, and evolving digital resources, there is a lot to control. As a provider of financial services, you must therefore be careful when engaging in new customer relationships. To do this, you ought to be aware of your client and the associated risks. You’re probably aware that you need to comply with the perpetually changing laws and regulations. Failure to comply with the rules can have profound consequences such as hefty fines and damage to your reputation. To prevent this, lawyers are required to report unusual transactions and carry out an extensive client research.
AMLD for lawyers
Lawyers are bound to rules and regulations, such as The Anti Money Laundering Directive and Combating the Financing of Terrorism laws. These laws AML/CTF are supposed to counter the financing of terrorism and money laundering. Lawyers must comply with two aspect of these laws: the client research and the obligation to report suspicious money flows and/or clients. The CDD On Demand solutions helps lawyers to conduct a simple, quick and cheap client research. Search any client and you’ll receive all the information necessary for a thorough client research that is compliant with the AML/CTF.
The client research
The client research is often a broad and extensive research that differs per client. These factors contribute to the difficulty of a client research. Not all lawyers have enough IT capacity and / or resources to execute an accurate client research themselves. If the research isn’t performed in the correct manner your law firm will be at risk of receiving fines from financial regulators. To make sure this doesn’t happen we’ve developed the CDD On Demand solution. Our efficient and adequate solution does the compliance check for you starting from €1,50 per check.
The CDD On Demand solution
With a little help from the SCOPE CDD On Demand, you can quickly and easily screen your clients. The SCOPE CDD On Demand service starts with identifying and verifying your client. The client is then screened along the following lists:
With SCOPE CDD On Demand, you can screen your clients on all these check points, without the obligation to conclude a long-term contract. In addition, at the end of the audit, you will receive a certified report of the audit you carried out that acts as a legally supporting document in case of future verification. The use of SCOPE CDD On Demand provides a fast and automated process for Customer Due Diligence, with UBO control and compliance screening. Better be safe than sorry!
The UBO check (only available for Dutch companies)
In addition, SCOPE CDD On Demand also allows you to perform a UBO check (only available for Dutch companies) that attempts to find out who the UBO of a company is. If your client is not a natural person, you are obliged to determine who the Ultimate Beneficial Owner(s) with an interest rate of >25% in the client are. The audit via SCOPE CDD On Demand automatically requests these records from the Dutch Chamber of Commerce. These extracts are analyzed to map the involved individuals and businesses. Using the mapped data an attempt is made to determine the individual(s) that should be classified as the UBO(s).
With SCOPE CDD On Demand you check your clients on these points without the obligation to conclude a long-term contract. In addition, at the end of the inspection, you will receive a certified report with the inspection you have carried out, which will serve as evidence for a possible audit of the enforcer. The use of SCOPE CDD On Demand ensures a fast and automated process for the Customer Due Diligence, with UBO check and a compliance screening. Better be safe than sorry!
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Balie+ members will receive a 10% discount on credits
Example of an UBO report