Managing and maintaining your KYC/CDD
We carry out KYC/CDD checks on clients from institutions that are pursuant to the international AML laws (the Dutch equivalent being WWFT/WTT). Furthermore, we carry out integrity screenings for authorities (The Public Administration Act, or BIBOB in the Netherlands).
We put the KYC/CDD in order as well as maintain its quality, enable the internal organization to focus on its core business and preserve our clients from reputation damage .
WhAT does our RESEARCH eNtail?
- Document and evidence collection from primary international sources.
- Project-based organization of client portfolio
- Prearranged specific results, budgets and timelines
- Strict lead times
- Emphasis on smooth proceeding of the acceptance process
CASE: BANK with corporate clients
A reputable financial institution contended with a backlog in the CDD files of its corporate clients. It had delegated the CDD-duties to its account managers because their closeness to their customers seemed to make them best qualified for the job. However, it turned out that the account managers were not acquainted with the latest developments in the field of CDD and were insufficiently motivated to carry out these ‘bureaucratic’ tasks. Consequently, their data collection from public sources was inadequate and too little was committed to file.
KCP investigated the portfolio in parts; with clear deadlines for each part. Our experts submitted the results and queries for additional information with the account managers in a clear and direct fashion so that the files could be updated in time.
Katrien’s team is very proactive and understands how our problems evolved. We are very happy with the quality of their service, both in terms of contents and of meeting their commitments.
Project manager CDD of a large international bank
CASE: real estate agent
A real estate agent often needs to carry out in-depth research into a buyer or seller. We provide her with extensive reports presenting the buyers’ or sellers’ direct and indirect activities as well as connections, including a survey of all risks.
The reports contain all elements that we need. We are very pleased to have an overview of all risks. We now proceed with much more caution when deciding with whom to enter into a business relationship.
Real Estate agent
consultancy based on BEST PRACTICES
Processes, policy, organization and research methods, compliance advice concerning risk findings and/or complex cases
WhAT does our consultancy entail?
- Gap-analysis of current policies in relation to best practice policies
- Cost and efficiency analyses regarding current process and organization
- Consultancy regarding documents, evidence and other practical matters
- Consultancy regarding acceptable sources
- Risk indication and analysis of complex international structures with trusts, foundations, nominee shareholders, complex property ratios, etc.
CASE: BANK with corporate clients
A compliance officer with a financial institution wanted to compare internal CDD-procedures with the (international) standard to determine whether the organization carried out too few (or too many) risk analyses. Furthermore, in view of increasing costs, she wanted to get an understanding of the process’ efficiency.
Based on an analysis of the current CDD-policy, KCP gave recommendations regarding risk factors (business activities, countries, etc), the information used and the process’ checkpoints. Furthermore, by centralizing certain tasks, we contributed to the increased efficiency.
Specialised in training programmes that bring as well as keep our clients’ knowledge up to date. KCP offers training programmes, webinars, master classes and basic and advanced courses to CDD and compliance specialists. The programmes are tailored to our client’s specific needs and wishes, allowing you and your co-workers to stay on top of the latest insights and developments in the field of integrity
WhAT does TRAINING eNtail?
- Basic and Master CDD Training
- Front Office training
KCP is an official provider of professional education and registered with the CRKBO (Centraal Register Kort Beroepsonderwijs).
4. Transaction Monitoring
Transaction monitoring is first and foremost a matter of identifying and drawing up transaction profiles. To enable transaction monitoring, these transaction profiles must be exceedingly detailed. The transactions are checked for risks automatically as well as manually to prevent reputational damage
WhAT does thE Transaction monitoring eNtail?
- Advice on automated screening and pattern recognition per client
- Compilation of transaction profiles – Identification of future transactions and risk analysis
- Monitoring – Determine whether they are in line with the transaction profile
- Evaluation of higher risk transactions
CASE: TRUST COMPANY
A trust company was informed by its supervisory body that its Transaction Monitoring (TM) contained deficiencies. KCP conducted an in-depth analysis of the historical and expected transactions and put the information in detailed transaction profiles for every client. It also assisted with implementing the TM procedures.
KCP’s expertise and professionalism has put our Transaction Monitoring in order. We would wholeheartedly recommend KCP.
Director trust company