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.

MiFID, MiFID II and the GDPR

Laws and regulations are an important part of the SCOPE KYC Cloud solution. In collaboration with various lawyers, it was examined whether the solution complies with MiFID, MiFID II and the GDPR.

The asset manager and the client

The asset manager and the client

The general trend is that more and more is being demanded of asset managers. New laws and regulations are created in rapid succession.

An example of this is the introduction of MiFID II (Markets in Financial Instruments Directive, the European investment directive) in January 2018.

This will lead to increasing pressure on the business model of asset managers, because complying with legislation and regulations takes a lot of time, money and effort. 

Not just MiFID II has an impact on the way of doing business

The General Data Protection Regulation (GDPR), which came into force on 25 May 2018, will also lead to increasing pressure. The current directive with regard to the protection of personal data has been implemented in the Personal Data Protection Act (Dutch Wbp). 

The SCOPE KYC Cloud solution meets a large number of requirements that are set in the AVG / General Data Protection Regulation 2018. Examples are dual access of the information of (transparency and correctness). The correctness is guaranteed by giving the customer the opportunity to adjust the data.

The Know Your Customer solution has a clear purpose and data limitation, which is determined by the relevant legislation.

Furthermore, a number of tasks and obligations laid down in the GDPR will be taken over by SCOPE as administrator of the SCOPE KYC Cloud database and by the Microsoft Azure Cloud Platform.

The Microsoft Azure Cloud Platform has been chosen by SCOPE to host the SCOPE KYC Cloud solution. The Microsoft Azure Cloud Platform has committed to comply with several aspects of the GDPR.

How is the General Data Protection Regulation implemented in the SCOPE KYC Cloud portal?

  • Correctness

    The GDPR states that the personal data must be correct and remain correct. The correctness is guaranteed because the client has the option to adjust his or her data.

  • Transparency

    The client whose data is processed belongs to this informed, has given permission for this, and knows his rights. Transparency is created because the client has full insight into the stored data and will always have access.

  • Data restriction

    Only data that is necessary for the intended purpose is collected.

  • Storage restriction

    Personal data may not be stored longer than necessary for the intended purpose. This responsibility lies with the asset manager / advisor.

  • Purpose limitation

    The personal data is legitimized for a specific purpose, and may not be used for other purposes. The SCOPE KYC Cloud solution has a clear purpose and data limitation, which is determined by the relevant legislation.

  • Integrity and confidentiality

    Personal data must be protected against unauthorized access, loss or destruction. The Microsoft Azure Cloud Platform has been chosen by SCOPE to host the SCOPE KYC Cloud solution. The Microsoft Azure Cloud Platform is committed to comply with several aspects of the GDPR.

  • Portability

    A client may request the transfer of data, for example for the benefit of another asset manager. Compliance with this obligation lies with the asset manager / advisor.

  • Accountability

    The controller must be able to demonstrate that he complies with these rules. By demonstrating that the SCOPE KYC Cloud portal meets the requirements of the GDPR.