CDD On Demand for notaries
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 screen. To counter money laundering and combating the financing of terrorism the AML has been in act since 2008. In 2020 Europe has accepted and implemented the AMLD5. These laws have important consequences for notaries.
AMLD and notaries
All notaries are obliged to follow the rules and guidelines set by the AMLD. For example, unusual transactions must be reported, notaries may not accept cash payments of € 15,000 or more, and a clear risk assessment must be made of the client. These risk assessments should be well administered and in addition they should be traceable and reproducible in accordance with the guidelines of the Financial Supervision Office (Dutch BFT). It is expected that the notary can provide a documented process description regarding these risk assessments. These risk assessments must be documented and updated to contain actual information.
In principle of the AMLD, it is required that the ultimate stakeholders (UBO’s) are determined in all cases. The notaries are required to determine whether a more thorough client research is required based on their risk assessment.
In order to achieve a clear risk assessment of your clients, a client research should also be carried out as part of the AMLD.
Client research for notaries
By conducting a client research, you’ll get to know your client much better. Before a notary performs a transaction, concludes a business agreement or provides services to their client, you are obliged to screen the client.
For example, you must determine, verify, and record the identity of the client and/or UBO. In addition, you are obliged to check if the client acts in behalf of himself or another and you are required to continually monitor the client.
Furthermore, according to AMLD you should periodically check your clients for some risk factors, which show whether your client could pose an increased risk.
UBO check for notaries (only available for Dutch companies!)
The CDD On Demand solutions gives you the ability to identify the Ultimate Beneficial Owner (UBO) of a company or the suspected UBO.
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 the CCD On Demand solution you can effectively and efficiently screen your clients, which will save you valuable time.
Better be safe than sorry!
SCOPE CDD On Demand for notaries
In order to save you a lot of time and to take a lot of work out of your hands, we have developed CDD On Demand. Within a minute you can perform a complete compliance check for your client (a natural or legal person). With a first and last name and a date of birth, you can already request a certified, clear and insightful report with a complete overview of your client for only € 1,50. The client will be checked along the following lists and the results are shown in the report.