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.

Wwft for lawyers

As a lawyer, you must comply with the law and regulations. Part of this is knowing which laws you must comply with. The Law on the Prevention of Money Laundering and Terrorist Financing applies, among others, to lawyers. The Wwft aims to combat money laundering and the financing of terrorists. As part of the Wwft it is important for lawyers to fulfil their core obligations, these are the client research and the obligation to report.

Customer Due Diligence

Customer Due Diligence means taking appropriate measures when dealing with clients. This has become increasingly important in recent years (in addition to security), because practices such as money laundering, fraud, and terrorism are still present threats. To combat these, it is important to know your clients well and to be aware of their goals. As a lawyer you ought to prevent exposure to any risks when entering new business relations. Customer Due Diligence is a tool meant to assist in researching clients, and to prevent forging relations with individuals which can threaten the integrity of a financial institution. As part of the due diligence the Wwft obliges lawyers to carry out extensive client research. Often this task is placed low in the priority list, since it requires a lot of time and money.

Client research

Sometimes lawyers assume that only some superficial information is enough to comply with the law, but this is not the case. The research you need to do ought to be thorough and profound and should be different for almost every client. Hence it is not always as easy to to do adequate client research. Not everyone has enough (IT) capacity and/or resources to comply with the laws and regulations by conducting an appropriate client research themselves. If you do not perform this process properly, you will put your law firm at risk. To ensure that you do not face unnecessary risk, we offer you an efficient and adequate solution. (/efficient solution that is fully conform with the acting laws)

The solution

We offer the perfect solution for lawyers amongst others, who need to oblige to the Wwft but lack the (IT) capacity and/or resources to do their own thorough client research

CDD On Demand offers lawyers the capability to check individuals in a simple, fast, legally correct, and inexpensive way as required under the Wwft and the Sanctions Act, without requiring a contract or the installation of additional software. A simple search request will yield you all the necessary legal information about a client. By using CCD On Demand, you will save yourself time and money while being fully compliant with the laws and regulations.

Through this solution, you avoid the risk of severe fines and reputational damage. In addition, you ensure safety. Our solution is efficient and adequate and is happy to help you comply with the laws and regulations (/Our solution offers a efficient method of complying with acting laws and regulations)

SCOPE CDD On Demand for lawyers

Using SCOPE CDD On Demand, you can screen easily screen your clients in a very short time. The SCOPE CDD On Demand service starts by finding out and verifying your client’s identity. The client is then screened for the following points:

  • Whether this person has been declared incompetent as a director
  • Whether your client is found in lists of law enforcement agencies
  • Whether negative news about your client can be found
  • Whether your client is a politically prominent person (PEP)
  • Whether sanctions are or were in force against this person or company at any time
  • Whether this person or company is under the supervision of a financial regulatory authority
With SCOPE CDD On Demand, you can screen your clients on all these points starting at €4.00, 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.

UBO check

In addition, SCOPE CDD On Demand also allows you to perform a UBO-check 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 parties/individuals with an interest in the client are. The audit via SCOPE CDD On Demand automatically requests these records from the 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).

We like to ensure your safety, who would not want that? Better safe than sorry!

Want to experience the ease of client screening for yourself? Ask about your ten free starting credits today!

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