Customer Due Diligence

Screening for integrity for a comprehensive Customer Due Diligence process.

Once you have identified the ultimate beneficiaries or the UBOs of an organisation, you should screen them for integrity risks. You must check whether they appear on sanction lists, checklists, PEP lists or whether they have negative news reports recently. You then determine in which risk class they fall. Only when you have done this, will you have a comprehensive compliance process and you will be in line with laws and regulations to prevent money laundering and terrorist financing.

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The customer due diligence or know your customer process goes further than a UBO and compliance check. Be inspired by our specialists and ensure that you comply with applicable legislation.

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Customer Due Diligence

Customer Due Diligence

To be compliant, you need to know who you are doing business with and avoid fraudulent and criminal parties. In practice, this means that you must conduct a thorough customer investigation, sometimes called Customer Due Diligence or Know Your Customer (KYC). If you fail to do this or it is not performed to a sufficient level, you risk a considerable fine with the added risk of reputation damage.

Don't just view the Customer Due Diligence process as a tedious obligation. It is in the interest of your own business and the public interest that you avoid any involvement with fraudulent companies. The entire process is complex and time consuming if you have to do it manually. However, with the automated Customer Due Diligence solution, this is a thing of the past.

How does the Customer Due Diligence solution work?

  1. You check the Ultimate Beneficial Owner (UBO) with the UBO check module on the Graydon Insights platform.
  2. With the compliance check, UBOs are immediately screened for PEP lists, checklists, sanction lists and negative publicity. You may expand the screening with credit information for a full assessment of the risk if desired.
  3. You monitor the UBO automatically. You will receive real-time, immediate updates in case of changes.
  4. You keep all your steps in a secure online archive for your audit trail. The online archive is provided with a backup recovery procedure, so your data is never lost.

Graydon Business Compliance

Business Compliance provides a quick and effective way to complete the required due diligence checks on an organisation and associated individuals. This single platform combines checks for PEPs & Sanctions (including ongoing monitoring), adverse media, credit advice, identity verification (e-IDV) on directors and document verification (including UK & EU Driving Licenses, Passports and Identity Cards). It also facilitates compliance with the latest AML regulation and ensures that you are kept updated of any important changes.