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Customer Due Diligence (CDD)

Equiniti KYC Solutions (EQ KYC) is an experienced Know Your Customer (KYC) technology and services provider and a trusted partner to our clients.

We help our clients master their customer lifecycle management processes including regulatory due diligence onboarding, periodic and event-driven review, remediation and offboarding. Our solutions enable quick, efficient and consistent KYC processing, at all stages of the customer lifecycle.

Stage 1 – Registration

The first step in the KYC process is to collect KYC information and documentation. We work together with our clients to ensure that all available information is collected and made available in a secure and efficient way in our own KYC system. The information can be collected or transferred, by connecting our system to the client’s existing CRM system, or the relevant client team (f.e. Relationship Managers, Case Manager, Compliance Officer, etc.) can add the KYC information directly into our KYCnet system

Stage 2 – Customer Due Diligence (CDD)

The captured information is being handled by our multilingual KYC experts and is cross referenced with documents obtained from public sources, in order to verify the validity of the information. We then perform all relevant KYC checks on, for example, the activities of the customer, identification of the legal representatives & directors and the ownership structure until the ultimate beneficial owners (UBOs) are identified. This process is highly important and needs to be performed with precision to make sure that all checks are performed in line with the requirements and all relevant parties have been identified. Based on the findings of the analysis the case may qualify for Enhanced Due Diligence (EDD) or it can move directly to the Screening stage.

Stage 3 – Enhanced Due Diligence (EDD)

If the initial analysis ends up with risk increasing findings (f.e. country of origin, complex ownership structure, etc), we will perform an EDD analysis. The EDD stage usually includes a more detailed analysis of the shareholding structure, UBOs, Source of Funds and Source of Wealth, etc. In order to successfully complete this stage, we may also request additional documents from the customers via our client’s approved channels.

Stage 4 – Outreach

During the CDD and EDD step it can happen that the available KYC information is incomplete, inconsistent or incorrect. This requires us to reach out to obtain this information by using the client’s approved channels for example through a Relationship Manager or by contacting the customer directly.

Stage 5– Screening

Once we are satisfied that the customer and relevant related parties have been identified properly we will proceed to perform screening on Sanctions, Watch- and Blacklists, Political Exposure (PEPs) and Adverse Media or Negative Press. The elements that are included and the screening process will be performed in line with the requirements from the client. The process will include the investigation and discounting of the hits that come up from the screening. Together with our clients, we agree on an approach for the Data Source Provider that is used for screening. The options for this are:

  1. We continue with the client’s existing provider, if available.
  2. The client requires us to assist in forming a new arrangement with one or more data source providers.
  3. The client seeks to benefit from existing arrangements we have with data source providers.

Periodic Reviews

Periodic reviews of existing customers allow our clients to keep track of significant structural changes and help them keep their business compliant with the most recent regulations. This enables them to focus on new and existing business, whilst tapping into our KYC expertise, skills and scalability.  

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