Why compliance ?
The identification of your clients becomes increasingly important. Since the coming into force of the Money Laundering and Terrorist Financing Prevention Act (Wwft) on August 1st 2008, you are obliged to conduct a survey on your customers by following the ‘Know Your Customer’ (KYC) directive.
What does Graydon do for you ?
Graydon helps you to comply with the Wwft. We start by developing a compliance routing and a checklist in the framework of the identification and verification obligation (KYC).
Your client’s risk profile is determined and we provide a clear acceptance procedure. All answers needed for a better comprehension of your customers can be found in the Graydon database.
We already developed various compliance routings for our customers. Each customer disposes of different resources and workflows. That is why we consider each case separately and prefer to propose tailored tools rather than inefficient standard procedures.
The main challenges to which we offer you a solution
- How to verify a customer’s identity ?
- How to determine the ultimate beneficial owners (UBO)?
- How to check politically PEP and/or OFAC lists?
- How to detect ‘unusual’ situations ?
- How to monitor the changes in the customers’ risk profiles ?
- How to prevent fines and negative publicity?
- How to go through this process as quickly and efficiently as possible?
Who is obliged to comply with the provisions of Wwft?
- Credit, payment and liquidation institutions
- Banks and insurance companies
- Companies issuing and/or managing credit cards
- Leasing companies
- Real estate agents and surveyors
- Security firms
- Diamond dealers
- Notaries public
- Chartered accountants, accountants, …
- Stockbroking firms