Remain compliant without jeopardizing the quality of the client onboarding process.
As the overall landscape of the finance and trade world markets continue to evolve, the need for constant monitoring of individual activity has become increasingly necessary.
Customer due diligence is one of the best defenses a financial institution can maintain to protect itself against possible threats of money laundering and other financial crimes. CDD (customer due diligence) is often referred to as “know your customer,” and it encompasses other aspects of an AML (Anti-Money Laundering) program, such as customer identification and EDD (enhanced due diligence).
Global RADAR is a comprehensive solution for client onboarding and customer due diligence. Using our software you can obtain information during the account opening process. We assist you with collecting sufficient information to develop an understanding of normal and expected activity for the customer’s occupation or business operations.
Customers that pose higher money laundering or terrorist financing risks present increased exposure to financial institutions. Due diligence policies, procedures, and processes should be enhanced as a result. Higher-risk customers and their transactions should be reviewed more closely at account opening and more frequently throughout the term of their relationship with the bank.
Recognizing whether a new customer or existing customer is a PEP can be
one of the more difficult components of your Risk Assessment.
Heavy fines have been imposed on financial institutions, such as Riggs Bank, for conducting business with PEPs without following adequate Know Your Customer procedures and enhanced due diligence processes.