Have you examined your clients before? 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 in your client portfolio in the field of CDD. The fourth European anti-money laundering directive obliges companies subject to Wwft not only to check clients, but also to monitor them in the meantime.
With CDD On Demand, monitoring can be automated. You can choose which searches you want to monitor. CDD On Demand automatically checks daily whether one of your queries appears in an Acuris Risk Intelligence database. You will immediately receive a notification as soon as something changes for one of your clients on the monitor list.
What is the monitor function?
According to the AMLD, the compliance checks must be performed again at every client contact moment. For certain risk profiles, compliance checks should be performed daily. Checking clients daily is time consuming and costly. The monitor function has been developed to make this process as easy as possible.
With the monitor function, a person or company is put on the monitoring list for 2 credits a year. Persons and companies on this list are checked daily against the points shown on the right.
Active or historical sanctions
Law enforcement agencies
Politically Exposed Persons (PEPs)
Trustee and administration register (The Netherlands)
The monitoring list shows an overview of the persons and companies on the monitoring list. This list provides insight into the status:
- monitoring active/inactive;
- active until;
- automatic renewal on/off;
- date of last check.
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.