CDD On Demand

The European Union has announced restrictive measures in response to the crisis in Ukraine. Our partner Acuris Risk Intelligence has issued new statements regarding the current sanctions environment against Russia. This statement means that Acuris Risk Intelligence will make every effort to incorporate any changes into the database within 24 hours. Since the link between SCOPE CDD On Demand and Acuris Risk Intelligence is real-time, this means that the results are also visible in the compliance check within 24 hours. Sanction lists list individuals and entities that are subject to financial restrictions to prohibit counterterrorism regimes and money laundering around the world. When doing business, you naturally want to be sure you are building relationships with the right people. Therefore, it is important to properly screen the business partner before entering into a business relationship. With CDD On Demand Solution you can monitor your customers on a daily basis. If during the daily monitoring a possible match is found for one of the persons or companies on the monitoring list, you will receive a notification. If you receive a notification, you can take immediate action. The monitor function on CDD On Demand is valid for one year. As a user, you have the option of extending this automatically.  Together with our partners, we provide an up-to-date software platform that you can rely on.

Dual access

Both the asset manager and the client can make adjustments to the file. With every change made by a client, notifications are sent to the advisor and the changes are saved as a new version. So you can always gain insight into the situation from the past. This ensures user-friendliness, but also compliance with certain points of the GDPR. 

The asset manager and the client

The asset manager and the client

The SCOPE KYC Cloud Portal assumes two types of users: clients and asset managers. 

Both users can access the stored data, although the portal looks different for the types of users.

The client can only access his/her own data. The asset manager can access data of all his clients. 

By giving the client access to his / her own data and giving the opportunity to adjust things himself, at least two core rules of the GDPR are met.

Everything is shared

Because both the asset manager and the client look at the same data, there is no room for misunderstanding. Any change, made by anyone, is reported to the person who did not change the information. Also, when logging in, double authentication is requested via text message to keep the data exchange extra secure.

Which data is stored?

  • Personal situation

    First the personal situation of a client is documented. In addition to name and address details, the family situation is also requested, as this can also affect the development of the assets.

  • Knowledge and experience

    They also ask for knowledge and experience. In this step, education is recorded, as well as knowledge and experience with financial products such as bonds and shares.

  • Financial situation

    The financial situation is of course important for choosing a good investment strategy. Assets, debts, income and expenses are recorded.

  • Goals

    Objectives are also set as part of the financial situation. For example: how much return of investment does the client want in twenty years. It is calculated whether these objectives are feasible and in which investment profile investments must be made.

  • Risk tolerance

    Based on the financial situation and the investment objective (s), the EPI-Engine performs Monte Carlos simulations to provide insight into what can happen to the assets in different stock market climates. In addition, the SCOPE KYC Cloud Portal contains a psychometric risk tolerance test to estimate which risk the client considers acceptable.

  • Documenting

    The final step is to choose a risk profile and a matching investment strategy. Then all the steps are converted to a PDF document, which can be signed by both parties.