The compliance check of the CDD On Demand checks the person or company you have entered on various points that could pose a risk.
The comprehensive compliance check
The compliance check within the CDD On Demand solution automatically requests data from various sources about the person and / or organization you entered. The person and / or organization is checked on various points, ranging from PEP and sanction lists to insolvency registers. After the extensive compliance check, you can request a digitally certified report from this person and / or company. This is of course useful for your own administration, but especially essential in the case of an audit by the regulator. In this way, you can easily provide proof of the compliance check.
Compliance check - what is checked?
The following points are checked:
Active or historical sanctions: sanctions are international measures against a person or company. Sanctions are measures taken in response to a violation or threat to international peace and security
Politically Exposed Persons (PEPs): it is checked whether this person is considered a politically exposed person. These are often heads of state or politicians. Family members of a PEP also have an increased risk.
Adverse media: it is checked whether there is any negative publicity about this person or company. This is often the case with a PEP or a famous client, for example.
Law enforcement agencies: Whether this person or company is under the supervision of a law enforcement officer. International and national investigation lists are checked, such as Interpol.
Financial supervisors: Whether this person or company is supervised by a financial regulator. In the Netherlands these are the AFM or DNB.
Insolvency register and insolvency listing: it is checked whether this person or company is registered in the Dutch insolvency register. Insolvency mentions in international media are also looked at.
Receivership and administration register (Netherlands) if someone is on a receivership or administration register, someone can no longer make decisions about his / her finances.
Disqualified director: if a person has been banned from the board, this means that he / she has been declared incompetent as a director. A company with an incompetent director can cause many problems.
Geografisch risico: several risk country lists are checked. Among those are the FATF list and the high-risk country list of the European Union.
Monitoring can be automated with CDD On Demand solution. You can choose which search queries you want to monitor.
For large numbers of checks, such as when catching up with overdue work or for periodic scheduled checks of an entire customer base, the CDD On Demand solution has the series check. The series check ensures that a whole list of persons and / or organizations can be checked at once. The results are automatically delivered.