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New geographical source added

New geographical source added

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SCOPE FinTech Solutions is constantly evolving and regularly improving its CDD products. Often these are back-end improvements that you as a user of the products do not notice. Now a new resource has also been added where in CDD On Demand the resource Low-tax states and non-cooperative jurisdictions for tax purposes is also automatically checked. 

Low-tax states are those with no profit tax or a statutory rate of less than 9%. Non-cooperative states refer to states on the EU list of non-cooperative jurisdictions for tax purposes. By default, countries on this list are assigned a risk rating of "middle" in CDD On Demand. In the risk assessment module, you can assign your own risk value to this.

High-risk countries

Country risk is represented by countries that pose a significant threat to the EU financial system due to strategic weaknesses in national AML/CFT regulations. Therefore, it is important that the geographical component is also monitored under the Wwft. 

 

The sources automatically checked for within CDD On Demand are: 

– FATF

– CPI

– EU/UN countries sanctions

- Regulation of low-tax states and non-cooperative jurisdictions for tax purposes

 

Geographic risk in risk assessment

Within the risk assessment module in CDD On Demand, you can choose your own values per list/source and thus automate your own risk policies regarding geographic sources. This now includes the source Non-cooperative countries for tax purposes.