Screening in accordance with related legislation
A clear and error-free process preventing penalties and loss of reputation.
You have your hands full if you must find out the persons behind a company, and the identity of the UBO, or Ultimate Beneficial Owner. And that is not all. Subsequently, you are required to screen your business relation on any compliance and reputation risks. Not only upon entering new business relations; also during the relationship and for specific transactions. Additionally, you are required to save all steps you completed in an archive. To speed up customer acceptance and monitoring, automating this entire process is convenient. It saves time and ensures a clear, error-free ongoing due diligence process, preventing fines and loss of reputation.
Graydon’s ‘Screening in accordance with related legislation’ is part of the Know Your Customer solution. It consists of 4 steps:
- Step 1: You check the Ultimate Beneficial Owner (UBO) with the module UBO Check/ UBO Search.
- Step 2:
- Step 2A: With the modules ‘Screening and monitoring Anti-Money Laundering Legislation’ and ‘Screening in accordance with related legislation’ you automatically screen the UBO for all possible sanctions lists.
- Step 2B: This can be enhanced with credit information for full assessment of the risk.
- Step 3: You automatically monitor the UBO. You will receive an immediate update when changes are made.
- Step 4: 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 ensuring you start with a clean slate.