Check Due Diligence
Once you have collected all the data and documents for your new KYC file, you can determine the money laundering risk of the file under the “Check due diligence” tab on the basis of several risk factors. The resulting risk determines the due diligence to be performed.
If you have created a new file, the risk is set as “Not determined”. To determine the risk, all risk factors must be checked. Only once all risk factors have been checked can the money laundering risk of a file be determined, and the file closed.
- Name Screening
All persons added to the file are screened against over 1200 PEP, sanctions, watch and blacklists. To do this, press the “Start Screening” button. Any hits will be displayed to you with necessary details. It is up to you to determine whether a hit is relevant or not.
The results are divided according to the lists for which a hit was found. The list types are:
- PEP lists (Politically Exposed Persons)
- Sanctions / embargo lists
- Watch / Blacklists
This also means, for example, that a hit can be found both for sanctions / embargo lists and for watch / black lists.
If you add new persons to the file in the course of the KYC check, the screening must be performed again.
- High risk third country
All countries of residence of all persons added in the Persons tab are automatically screened against a stored list of high risk third countries. This list is in accordance with the European Commission Regulation which identifies high risk third countries.
- Internal Business Risk
Here you can record an identified internal company risk according to your risk analysis. If you identify an internal risk, you can describe it in more detail in the “Enhanced due diligence” tab.
- High risk transaction
Here you can note if the transaction in your KYC process is a complex, large or unusual transaction, or a transaction with no obvious commercial or legitimate purpose. If this is the case, you can describe the transaction more specifically in the “Enhanced due diligence” tab
If all four risk factors have been processed, the result of the check appears above.
If a “general due diligence” has been determined, you can close the file by clicking on the lock icon at the top right.
If a high risk of money laundering has been identified, you will need to complete the next tab “Enhanced due diligence”.
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