DEX FOR CDD

DEX Data Explorers has developed DEX for Customer Due Diligence (CDD). The software supports organizations subject to the Wwft to properly implement their CDD policies.

GET IN TOUCH

CHOOSE CARE

The Wwft and Sanctions Act consist of abstract descriptions that do not tell you how to conduct the CDD investigation….

Many organizations struggle to translate CDD policy into practical implementation. However, it is crucial to get this right the first time to avoid time-consuming and costly repairs with each new development. DEX for CDD supports organizations subject to the Wwft to properly implement their CDD policies. The solution is set up so that someone with less experience in conducting CDD research can always conduct a study that meets all the requirements.

OUR VISION
ON CDD

Financial reporting has become such a specialty that it can no longer be counted among the core activities of a financial institution.

What should a good research study meet

CDD is a field that has developed widely and many risks need to be taken into account. How to make sure everyone touches all the elements of the CDD study.

This means that decision making must be well recorded, but a 3rd party (think DNB and AFM) must also be able to determine how the relevant risk classification of the customer was determined.

the commercial process is frustrated if it is not done quickly enough.

New laws and regulations should be implemented immediately. Consider, for example, new developments in the area of tax avoidance and evasion.

How do you ensure that specific risks at the client are monitored in a timely manner?

Is it clear to the organizations what risks are being faced in the customer portfolio and is the CDD policy periodically adjusted accordingly?

The benefits of DEX for CDD at a glance

  • System where a full CDD survey can be conducted for both the NP and NNP.

  • The system supports the process; someone without much CDD experience is guided through the examination.

  • Source documentation can be stored with the study, bringing together the study conducted with all relevant documentation.

  • Changes in SIRA, Policies, processes can be made directly into the system so the organization remains compliant.

  • Database of DEX for CDD is kept up-to-date.

  • The research conducted can be saved as a report
  • All data is logged.
  • The management measures can be monitored for proper and timely implementation.

  • Management reports can be extracted from the system. Types of reports are:

    • Distribution of risk classifications for the customer portfolio
    • Which risk indicators are most prevalent in the customer portfolio (key input SIRA)
    • Understanding the CDD workflow work
    • Insight into progress of management measures

DEX RS for CDD offers reliability without worries

Without CDD, companies expose themselves to fraud and fines for non-compliance with the requirements as named in laws and regulations.

Implementing the developed policies seems easy, but practice shows otherwise. In addition, developments in this area follow each other in rapid succession and it is important to quickly adapt CDD processes to this. The latter proves difficult and especially prone to error. DEX for CDD takes these concerns off your hands. Without compromising on the reliability and accuracy of the research.