Do you need to perform customer due diligence audits pursuant to the Sanctions Act? You will have your hands full. Certainly now that audits for compliance with the Act are increasingly strict. You need to know who is at the helm and screen this Ultimate Beneficial Owner (UBO) for any compliance and reputation risks. Not only when entering into business relations - also periodically during the business relationship and for transactions. Additionally, you are required to archive all the steps you completed. For swifter customer acceptance and monitoring, this process is fully automated with Graydon’s Due Diligence solution. This certainly saves time, and also ensures a clear, error-free ongoing due diligence process, preventing fines and loss of reputation.
How does it work? The Screening and Monitoring module is a component of Graydon’s Due Diligence solution. Your ongoing due diligence process consists of 4 steps:
Prior to automating your due diligence policy, Graydon enriches, analyses and screens your full portfolio to create a ‘clean slate’.