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Screening & Monitoring Anti-Money Laundering Legislation (Wwft)

Automate your customer audit swiftly, uniformly and risk-free.
Screening & Monitoring Anti-Money Laundering Legislation (Wwft)

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?

  • You check the Ultimate Beneficial Owner (UBO) with the module UBO Check/ UBO Search.
  • Using the Screening & Monitoring Anti-Money Laundering Legislation module, you automatically screen the UBO for 86 unusual issues and lists, including inspection lists, PEP lists, sanctions lists, fraud lists, bankruptcies and negative publicity. If required, you can extend this module with credit information for full risk assessment.
  • You automatically monitor the UBO based on the risk classification you prepared. For instance, low, medium or high risk. We are happy to advise you on the most suitable risk classification.
  • You always record all your steps in a secured online archive for your audit trail and as evidence of compliance.

Prior to automating your Know Your Customer policy, Graydon enriches, analyses and screens your full portfolio to create a ‘clean slate’.