Enhanced Due Diligence Service
Compli-Serve’s Enhanced Due Diligence (EDD)- Checker Service provides a cost-effective EDD screening tool in partnership with the Consumer Profile Bureau (CPB). We also now can provide you with id and address certification for KYC purposes (ideal for existing client base where a review needs to be conducted).
Screening through the EDD-Checker for a robust approach
Historically there were two approaches: 1. Manual screening at onboarding and periodically thereafter for example at annual review 2.Manual screening at on-boarding and periodic review. We can do both. Examples of reports attached.
Enhanced due diligence (EDD) means investigating a customer more thoroughly than you would in regular screening. In most jurisdictions, during regular screening, you will be required to conduct EDD when you have identified that you’re dealing with a high-risk customer.
The form your EDD takes should depend on the nature and severity of the risk. It can vary from an adverse media check (via EDD-Checker), to investigating corporate structures linked to an individual, to verifying income sources.
EDD should leave you confident that any risk has been mitigated and is unlikely to affect your business. Red flags that might lead you to carry out EDD include:
• A customer is a PEP or is on a watch list (PEP/PIP status alone isn’t sufficient to reject a customer: most PEPs are not engaged in corrupt activities, though they should be treated as high risk)
• A customer has adverse media associated with them relating either to financial crime risk or to reputational risk for your business
• A customer told you something during onboarding which causes you concern, such as an unusual, proposed activity profile, or that they have family links to risky jurisdictions…
‘Thorough screening programme includes two types of checks: 1. Sanctions screening to ensure that no individuals on global law enforcement and sanctions lists are allowed to make financial transactions 2. PEP screening to identify and conduct CDD on any PEPs or other high-risk customers These watch lists are continually updated with new names. So both the sanctions and PEP screening should be done in real time’
QUALITY & COST EFFECTIVE ENHANCED DUE DILIGENCE (EDD) REPORTS
Incorporating adverse media, PEP, and sanctions screening now available…be best placed to meet the regulatory requirements around such screening.
Understanding and pinpointing risks associated with dealing with new clients, partners and suppliers operating in medium to high-risk jurisdictions and industries, is not only a required compliance necessity under AML regulations around the world, but it also makes good business sense.
Compli-Serve can help you sleep better knowing that your customers’ risk profiles fit your risk objectives. We provide our clients with high quality and cost effective enhanced due diligence reports (also known as background reports or background checks).
All our reports are tailor-made to the requirements of our clients at a fixed price and will be delivered within an agreed time frame. Through the EDD service we provide you with accurate adverse media, sanctions and watchlist screening all within a secure POPIA compliant vault.
What is included?
We perform, on your behalf, extensive searches on:
· Adverse Media
· Corporate Affiliations
· PEP, full sanctions screening, over 1,400 Watchlist databases covered
· Full ID and address verification for SA citizens also available. SA company verification.
· Monthly AML newsletters and guidance