CDD compliance
To improve the integrity of the financial sector, the Basel Committee on Banking Supervision released the report Customer Due Diligence for Banks in October 2001. Although principles set forth by The Basel Committee were primarily designed for banks, they have since been translated into more general laws and regulations. Insurance companies, accountants, tax advisers, lawyers, brokers and notaries, for example, are also impacted by the Wwft.
Clarity and insights
Clarity and insights are the keys to CDD compliance. Establishing temporary project teams with experienced KYC/CDD and AML consultants can help you regain control of this process. Our experts are ready to add value to your organisation from day one. For example, we may start by enhancing and repairing your CDD files. His might include the following:
- Data Analyst (Python, Power BI, SQL, R) Implementing and improving your Customer Due Diligence or transaction monitoring process.
- Look-back analyses in regard to historical transactions.
Five structural CDD improvements
We also implement these five structural CDD improvements:
- Drafting or updating policies and operating procedures.
- Selecting KYC, CDD and AML systems & tooling and exploring digitisation options to future-proof your processes and make them more data-driven.
- Creating and improving governance and management information.
- Monitoring, screening and quality assurance.
- Assessing the level of knowledge in your organisation and creating a plan for ‘continuous learning’. The focus of this continuous learning would be future-proofing your workforce.
Making CDD compliance tangible
Want to make sure you are meeting all your obligations? Reach out to us to find out what we can do for your organisation.
Prefer to reach out to us directly? Feel free to give us a call or send us an email!