Enhanced Due Diligence lists
A range of Enhanced Due Diligence Lists including the World Bank Debarred List, the United States Marshals List, the Interpol Wanted Fugitives List and International Arms Traffickers provide the information necessary to make ”best judgment“ decisions over which actions should be taken toward a particular customer’s account as doing business with an entity on an EDD list is not forbidden but should be watched and/or recorded.
In today’s environment, the consequences associated with inadvertently assisting illegal activities have never been more dire. Sometimes performing Regulatory Due Diligence (RDD) alone is not enough to protect your company.
What are Accuity’s EDD Solutions?
Accuity offers a range of Enhanced Due Diligence (EDD) including individual lists from specific sources and a worldwide database derived from over 200 sources. Individual lists include the World Bank Debarred List, the Worldwide Government Officials List (CIA), the Interpol Wanted Fugitives List and the United States Marshals list. The worldwide database includes high-risk entities involved with money laundering, financial fraud, arms proliferation, drug trafficking, collateral crimes and terrorism. These entities are derived from enforcement lists, credible diverse media, public court records, geography specific research, third party contributors and client requests. The worldwide database is divided into eight geographical regions. These lists feature the most up-to-date information available and are frequently updated.
Why do I need EDD processes?
Heavy fines have been imposed on banks that conduct business, even unwittingly, with customers engaged in illicit activities. As an institution that deals with financial transactions, you are required to perform RDD screening or face serious fines for each infraction. Enhanced Due Diligence processes go above and beyond regulatory screening to ensure that your company is not involved in money laundering, terrorist financing or other illegal undertakings that could result in considerable monetary penalties.
Even though doing business with an entity appearing on an EDD list is not prohibited, each match should be duly watched and/or recorded accordingly so that you will be able to decide which actions are necessary. It is an immediate necessity to pay attention to entities matched on any EDD list as they may pose a risk of financial loss, criminal complicity and/or embarrassment to your organization.
What is in the Worldwide Enhanced Due Diligence Database?
Entities derived from sources in the United Kingdom including the Financial Services Authority, Government News Network, Securities and Futures Authority and Serous Fraud Office.
Entities derived from research, public new media, the MLAT treaty or international organizations such as the World Bank and Interpol.
United States State-legal
Entities derived from United States state-level departments including U.S. Attorneys, Attorneys General, Security Commissions & Divisions and other various state-level departments.
United States Agencies
Entities derived from United States government departments and national agencies including the Securities and exchange Commissions, National Association of Securities Dealers, Federal Trade Commission and Department of Justice.
Entities derived from Canadian sources including the Securities Commissions in British Columbia, Ontario, Manitoba, Alberta and Nova Scotia and Financial services Commissions in Saskatchewan, Ontario and British Colombia and the Investment Dealers Association.
Europe, Middle East and Africa
Entities derived from sources in European, Middle Eastern and African regions including financial market authorities from Spain, The Netherlands, Austria and Portugal and financial services boards, commissions and authorities from South Africa, Germany, Ireland, Sweden and France.
Entities derived from sources in Asia/Pacific and Australia including security boards and commissions in Australia, New Zealand, Malaysia, India and Hong Kong, Thailand and Philippines.
South America, Central America
Entities derived from sources in Central and South American including Attorneys General or Supreme Courts from Brazil, Mexico, Columbia and the Caribbean, General Banks from Bahamas, Panama and Belize and police agencies and Columbia.