Biggest money laundering and terrorist financing risks in the Netherlands

Grootste risico's voor witwassen en terrorismefinanciering in Nederland

Identifying associated money laundering and terrorist financing risks is important for any community. As part of the WODC's research, recent research has shed light on the biggest challenges facing the Netherlands regarding drug use and corresponding issues.

Continue reading

Meet the Experts: client research (Dutch spoken)

Meet the Experts clientonderzoek

SCOPE kicked off its new "Meet the Experts" series Jan. 30 at 3 p.m. with a webinar on client research. Luckily, you can watch this webinar back. Discover the secrets of effective client research and learn how our software guides you from CoC entry to generating a detailed research report.

Continue reading

Transparency in Financial Matters: The Power of Offshore Leaks in Compliance Checks

Transparantie in Financiële Zaken De Kracht van Offshore Leaks in Compliance Checks

Within our Compliance Check, one of the things we search for is Offshore Leaks. When performing Wwft checks on a company or individual, discovering an Offshore Leak can have significant consequences. Read here what it means, what can happen and what is expected in such a situation.

Continue reading

Successful Dutch Trade Mission to Frankfurt Deepens FinTech Relationships

Succesvolle Nederlandse Handelsmissie naar Frankfurt Verdiept FinTech Relaties

A Dutch delegation, with Bas and Talitha from SCOPE FinTech Solutions as participants, recently participated in the Frankfurt Digital Finance Congress, an important event highlighting innovation in the financial technology (FinTech) sector.

Continue reading

European Union: Unveiling major changes to anti-money laundering regulations

Europese Unie Onthulling van belangrijke wijzigingen in de anti-witwasregelgeving
Europese Unie Onthulling van belangrijke wijzigingen in de anti-witwasregelgeving

European Union: Unveiling major changes to anti-money laundering regulations

The fight against money laundering and terrorist financing is a top priority for governments and regulators worldwide. The European Union recently reached a preliminary agreement that brings significant changes, with stricter measures and an expansion of the number of mandatory entities. Find out how these new regulations affect a variety of sectors, from financial institutions to professional football clubs.

Mandatory entities

Mandatory entities, often the first defenders against illegal financial activities, include financial institutions, banks, real estate brokers, wealth management services, casinos, and merchants. The recent agreement has expanded the list of mandatory entities, luxury goods dealers, and even the world of professional soccer. For these additional entities, imposed obligations and motivations in the fight against money laundering are being examined.

Luxury goods dealers and the soccer industry

As indicated earlier, the spectrum of mandatory entities expands to include dealers in luxury goods, such as precious metals, stones, jewelry, and cultural objects. Professional football clubs and brokers are also recognized as high-risk entities that must be more tightly controlled. This creates a challenge for these industries. However, if formal approval is provided on the current agreement, member states are willing to provide flexibility to adjust obligations based on different levels of risk within the soccer industry.

Heightened due diligence for high net worth individuals

Recognizing the potential risks associated with business relationships with high net worth individuals, the Council and Parliament are introducing enhanced due diligence measures for credit and financial institutions. Failure to comply with these measures is identified as an aggravating circumstance in the sanctions regime, highlighting the seriousness of dealing with significant assets for high-net-worth clients.

Cash payment limits and increased vigilance

To make it more difficult for criminals to launder money, the provisional agreement sets an EU-wide maximum limit of €10,000 for cash payments. Member states have the flexibility to impose lower limits, and reporting entities must establish and verify the identity of persons making occasional cash transactions in the amount of €3,000 to €10,000.

With the anti-money laundering landscape undergoing significant changes, the joint efforts of obligated entities and regulators are focused on creating a more robust and vigilant financial ecosystem that protects against the nefarious activities of money launderers and terrorist financiers. Pending formal adoption, the EU is ready to strengthen its commitment to a secure and transparent financial landscape.

At SCOPE FinTech Solutions, we understand the impact of these new regulations on your business. Our advanced tools and expertise help your organization comply with the latest anti-money laundering regulations and strengthen your due diligence processes. We support you every step of the way, from risk assessment to compliance, so you are prepared for the changes in the anti-money laundering landscape.

Find out how SCOPE FinTech Solutions can help your company navigate these new regulations and ensure compliance and security in your financial operations.

Source: Council of the EU (2024, 18 January). Anti-money laundering: Council and Parliament strike deal on stricter rules. Consulted from https://www.consilium.europa.eu/en/press/press-releases/2024/01/18/anti-money-laundering-council-and-parliament-strike-deal-on-stricter-rules/

Optimize Your Compliance Processes with CDD On Demand

Optimaliseer Uw Compliance Processen met CDD On Demand
Optimaliseer Uw Compliance Processen met CDD On Demand

Optimize Your Compliance Processes with CDD On Demand

Reading time: 2 min.

In a business environment, regulatory compliance is essential for integrity and trust. Discover how CDD On Demand not only enhances client due diligence but also excels in compliance checks, UBO verifications, monitoring, and risk assessments. By integrating innovative features, we provide an all-in-one solution to help your business comply with the Money Laundering and Terrorist Financing Act (AML).

Ensuring integrity and trust within your business requires compliance with laws and regulations. CDD On Demand offers an advanced solution that takes your client due diligence, compliance checks, UBO verifications, monitoring and risk assessments to the next level. Find out how we can help your organization comply with the Money Laundering and Terrorist Financing Act (AML).

The heart of our application lies in performing thorough compliance checks. With just the click of a button, CDD On Demand checks whether a person or organization is subject to sanctions, falls under Politically Prominent Persons (PEP), is named in negative media, is a disqualified director and more. Our comprehensive compliance check allows you to do business with confidence.

Fast and efficient client research

Our advanced UBO check is simple, fast and effective. Enter a company name or Chamber of Commerce number and receive information on the UBO, potential UBO or UBO connection within seconds. Using regular CoC extracts, we ensure a transparent and seamless process.

Real-time monitoring for direct action

Waiting for periodic checks is a thing of the past. CDD On Demand not only provides a snapshot but also continuously monitors your clients. Daily screening ensures that you are aware of any changes in your clients' profiles. Receive notifications about relevant changes and take proactive measures immediately. This saves you valuable time, and money and eliminates the need to manually re-run the check.

Automatic risk assessment for time saving and accuracy

An innovation in CDD On Demand is the automatic risk assessment, which translates your risk policy into a flexible, accurate, and time-saving evaluation. The result is an authenticated PDF document that serves as an irrefutable piece of evidence in the client file. Your compliance processes have never been so streamlined!

CDD On Demand not only provides an answer to compliance, but also enables companies to be forward-thinking. By integrating compliance checks, UBO verifications, monitoring and risk assessments, we provide a comprehensive solution that not only meets current standards, but is also prepared for future challenges in the world of regulation.

Invest in the power of compliant business with our innovative platform. Request your trial account now and receive 2 free credits to start your compliance checks right away. Discover how CDD On Demand can transform your business into a secure and compliant environment.