CDD On Demand for notaries
n order to prevent money laundering and terrorist financing, the law on the prevention of money laundering and the financing of terrorism (Wwft) was enacted on 15 July 2008. On the 20th of May 2015, the Fourth European Anti-Money Laundering Directive was adopted and implemented in the Wwft. These laws have important consequences for you as notary.
Wwft and notaries
All notaries are obliged to follow the rules and guidelines set by the Wwft. 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 (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 Wwft, 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 Wwft.
Client research for notaries
By conducting a client research, you’ll get to know your client much better. Before you, as a notary, perform a transaction or (mediation) commission, conclude a business agreement, or provide services to your 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 for another, and you are required to continually monitor this.
Furthermore, according to Wwft, you should periodically check your clients for some risk factors, which show whether your client could pose an increased risk.
UBO check for notaries
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). If the UBO-check leads to results outside of Dutch jurisdiction, the so-called ‘UBO-Gateway’ is returned. This the person that may be reached to find further information about the UBO’s
With the help of SCOPE CCD On Demand you can effectively and efficiently screen your clients, which will save you valuable time.
Better be safe than sorry!
Request your ten free credits and experience the ease of client screening yourself using SCOPE CCD On Demand!
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 SCOPE 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 € 4,-. In this report you will get insight into the following:
SCOPE CDD On Demand also allows you to perform your CDD check by batch. You can provide a list of clients you want to check. All clients are screened, checked and marked for periodic review if necessary. In the end, you will receive a certified report with all the necessary data in your customer file per business relationship.