Customer Due Diligence
Remain compliant without jeopardizing the quality of the client onboarding process.
Leading financial services brands choose Global RADAR®
As the overall landscape of the finance and trade world markets continue to evolve, the need for constant monitoring of individual activity has become increasingly necessary.
Protect Your Institution Against Money Laundering
Customer due diligence is one of the best defenses a financial institution can maintain to protect itself against possible threats of money laundering and other financial crimes. CDD (customer due diligence) is often referred to as “know your customer,” and it encompasses other aspects of an AML (Anti-Money Laundering) program, such as customer identification and EDD (enhanced due diligence).
Client onboarding and customer due diligence solution that has you covered
Global RADAR is a comprehensive solution for client onboarding and customer due diligence. Using our software you can obtain information during the account opening process. We assist you with collecting sufficient information to develop an understanding of normal and expected activity for the customer’s occupation or business operations.
- Built-in questions are provided as part of the onboarding process
- Define your own customized questions for the client onboarding process
- Periodic risk-based monitoring of the customer relationship to determine whether there are substantive changes to the original CDD information
- ID Verification – Validate an identity in real-time to drive customer acquisition, deter fraud and meet compliance requirements
- Photo ID Scan – Scan & validate a photo ID where documentation review is required.
- Electronic Signature – Obtain required signatures and approvals in hours—not days—from anywhere and on any device, in any time zone
- Annual reviews alerts for reviews based on the anniversary of the relationship
- Customized questions just for annual review process
- Build workflows between relationship managers and compliance entities
- Customizable reports (what’s coming up in the next 90 days)
- Enhanced reporting capabilities based on status (approved / pending)
- Management reports that allow the institutions to identify the work stream and create an efficient process
Enhanced Due Diligence (EDD)
Customers that pose higher money laundering or terrorist financing risks present increased exposure to financial institutions. Due diligence policies, procedures, and processes should be enhanced as a result. Higher-risk customers and their transactions should be reviewed more closely at account opening and more frequently throughout the term of their relationship with the bank.
Politically Exposed Persons (PEPs)
Recognizing whether a new customer or existing customer is a PEP can be
one of the more difficult components of your Risk Assessment.
Heavy fines have been imposed on financial institutions, such as Riggs Bank, for conducting business with PEPs without following adequate Know Your Customer procedures and enhanced due diligence processes.