Customer Due Diligence
The Customer Due Diligence tool; an essential part of an honest business. After all, more and more organizations are expected to know their customers.
Customer Due Diligence means 'a customer research focused on care' and focuses on an honest business. Know who you're doing business with and avoid doing business with fraudulent and criminal parties.
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Interpoint's Customer Due Diligence solution
Through Customer Due Diligence, companies need to know exactly who their customers are. Who is the ultimately interested party and how can these customers pose a risk? You must identify and screen these customers in advance. In addition, you capture all information by means of an audit trail. Manual checks take a lot of time, but Interpoint's Customer Due Diligence solution allows you to automate this process.
How does the Customer Due Diligence tool work?
You check the Ultimate Beneficial Owner (UBO) with the Module UBO Check.
With the Compliance Check, the UBO’s are screened directly for PEP lists (Politically Exposed Person), checklists, penalty lists and negative publicity.
You automatically monitor the UBO. If anything changes, you’ll get an update immediately.
You save all your steps in a secure online archive for your audit trail. The online archive is highly secure and equipped with a backup recovery procedure, so your data is not lost.
Why is a Customer Due Diligence policy important?
It is crucial that you as a financial company comply with the laws and regulations yourself. Consumers, businesses and governments may lose confidence in you if it turns out that your policies have no integrity. Also, (non)profit organizations should prevent their services from being misused for criminal activities, such as money laundering, fraud and the financing of terrorism. That's why you need to know your customers well to know if they are complying with the laws and regulations. What if he appears to be involved in money laundering or terrorist organizations?
With a Customer Due Diligence policy, you combat these integrity risks and it prevents you from entering into relationships with people who could damage the trust in your organization and damage your reputation.