If you fall within the scope of Wwft (Act for the prevention of money laundering and terrorism financing), performing a Know Your Customer audit is mandatory to you. This uniform customer assessment means that you must audit the UBO (Ultimate Beneficial Owner) to establish it is reliable and is not associated with criminal organisations. Pursuant to the Anti-Money Laundering Legislation, you must identify the UBO and screen it for any integrity risks. The frequency of such audits depends on the risk that your relations carry. This can be done periodically based on a risk classification. For transactions you check all UBOs against fraud lists, inspection lists, sanctions lists, PEP lists and negative publicity. Finding and subsequently verifying UBOs is a time-consuming and error-prone process. Use Graydon’s Know Your Customer solution to automate this process. The Wwft Screening & Monitoring Anti-Money Laundering Legislation module provides automated monitoring based on your risk classification.
How does the module Screening & Monitoring Anti-Money Laundering Legislation of Graydon’s Know Your Customer solution work?
Prior to automating your Know Your Customer policy, Graydon enriches, analyses and screens your full portfolio to create a ‘clean slate’.