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.
Monitoring
Why is monitoring useful?
Have you already investigated your clients? It is important in the Customer Due Diligence process that you continue to monitor your clients. Only then will you always be aware of any changes within your client portfolio in terms of CDD. The fourth European anti-money laundering directive obliges organizations subject to the Wwft to not only check clients, but also monitor them in the interim.
With CDD On Demand, monitoring can be automated. You can choose which individuals or organizations you want to monitor. CDD On Demand automatically checks whether one of your queries appears in an Acuris Risk Intelligence database on a daily basis. You will immediately receive a notification as soon as something changes for one of your clients on the monitor list.
Why is monitoring useful?
Have you already investigated your clients? It is important in the Customer Due Diligence process that you continue to monitor your clients. Only then will you always be aware of any changes within your client portfolio in terms of CDD. The fourth European anti-money laundering directive obliges organizations subject to the Wwft to not only check clients, but also monitor them in the interim.
With CDD On Demand, monitoring can be automated. You can choose which individuals or organizations you want to monitor. CDD On Demand automatically checks whether one of your queries appears in an Acuris Risk Intelligence database on a daily basis. You will immediately receive a notification as soon as something changes for one of your clients on the monitor list.
What does the monitor function entail?
Checking clients daily is time consuming and costly. The monitor function has been developed to make this process as easy as possible.
A person or organization is placed on the monitoring list for one year for only two credits. Individuals and organizations on this list are monitored daily along various lists listed on the right.
- Current- and previous sanctions
- Law enforcement
- Politically exposed persons (PEP)
- Averse media
- Financial supervisors
- Insolvency reports (international media)
- Central Insolvency Register (Netherlands)
- Receivership and administration register (Netherlands)
- Disqualified Director
Renew automatically
The monitor function is valid for one year. As a user you have the choice to extend this automatically. After this year, the person or organization will automatically be put on the monitoring list again for one year.
Monitoring overview
The monitoring overview shows an overview of the individuals and organizations on the monitoring list. This list provides insight into the status:
- monitoring active/inactive;
- active until;
- automatic renewal on/off;
- date of last check.
Notifications
When a possible match is found during the daily check for one of the persons or companies on the monitoring list, you will receive a notification. To ensure that notifications do not go unnoticed for long, you will also receive an email notification.
Renew automatically
The monitor function is valid for one year. As a user you have the choice to extend this automatically. After this year, the person or organization will automatically be put on the monitoring list again for one year.
Monitoring overview
The monitoring overview shows an overview of the individuals and organizations on the monitoring list. This list provides insight into the status:
- monitoring active/inactive;
- active until;
- automatic renewal on/off;
- date of last check.
Notifications
When a possible match is found during the daily check for one of the persons or companies on the monitoring list, you will receive a notification. To ensure that notifications do not go unnoticed for long, you will also receive an email notification.