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CUSTOMER DUE DILIGENCE |
Customer due diligence (CDD) for legal persons is a process that all companies have to take seriously, due to increased level of bad debt in the current economic climate and also changes in anti-money laundering (AML) regulations that now apply to a much wider range of industries – including legal and estate agencies. Whether you complete your due diligence checks because of regulatory requirements; to satisfy 3rd parties who might extend you credit lines; or because of the reputational and financial risk; customer due diligence is an integral part of the commercial process.
“Parties engaged in activities shall always take enhanced customer due diligence measures if there is a high risk”
Swedish Act on Measures against Money Laundering and Terrorist Financing Section 6 |
QGen, the leading supplier of outsourced customer due diligence, provides the opportunity for you to outsource your customer and business due diligence checks. With a management team with 20 + years of compliance experience in both regulated and non-regulated sectors, QGen is able to adapt its processes to align with each clients risk based approach to customer due diligence and advise on what procedures meet a specific sectors risk potential.
QGen utilises its experience, as well as a number of 3rd party relationships, to ensure that we provide a reliable service to our customers to independently verify their potential clients and all relating documentation. The service includes:
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- Identification and verification of all entities including capturing evidence
- CDD for all entity types globally including corporate, charities and trusts
- Clarification of corporate structure to identify the ultimate beneficial owner
- Sanction and PEP screening of natural persons related to the entity
- Ongoing due diligence – including website monitoring for merchants
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QGen has an automated system that can screen legal persons you are entering into relationship with, including any natural persons associated with that entity such as the beneficial owners, and cross reference them against a number of international watch lists and PEP lists that can be altered to match your risk appetite and your areas of jurisdiction. Trained and experience agents will then be on hand to review any manual alerts that are raised as a result of these checks.
Furthermore, QGen is able to maintain a list of your customers that can be regularly rescreened as per AML requirements to ensure that nobody previously approved has subsequently been added to one of the international watch lists. Again, we are able to then monitor this process and manually review any alerts that are raised.
| By offering a bespoke service, that meets your risk appetite and regulatory requirements, we are able to implement both simplified customer due diligence and enhanced due diligence measures as and when you see fit. |
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"A [business] shall take steps to determine whether or not a customer, or a beneficial owner...is a politically exposed person”
Irish Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 37.1 |
We also recognise the importance of customer due diligence in the commercial process and have streamlined our procedures to ensure a timely turnaround of any requests to minimise the impact on our client's front office. QGen Limited operates a 24 hour service, ensuring that we support the global efforts of our clients - supporting their staff wherever they are based.
On top of that, our competitive pricing means not only are our client’s outgoings reduced but the opportunity costs of using key compliance staff to complete the more manual tasks a compliance function must complete are significantly reduced.
Our results are clear and concise; to help meet any reporting obligations to parties, such as independent auditors, regulators, etc.
All of the above means that you can confidently outsource your CDD process to QGen, knowing that you have reduced your costs without increasing your risk.
To summarise our strengths:
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- Experienced management team in compliance in both regulated and non-regulated sectors
- Independent verification of all corporate documents, from sole traders to multi-nationals
- Ability to alter procedures to align with each client's risk based approach to customer due
diligence.
- Clear presentation of results to satisfy any 3rd party's reporting requirements.
- Full audit log of all our systems.
- Competitive SLAs to ensure there is no impact on the client's commercial process.
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| Copyright © 2010 QGen | | |
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