PRODUCT SHEET CUSTOMER DUE DILIGENCE The Cornerstone of Your CIP and Identity Theft Prevention Program Customer Due Diligence delivers up-front risk screening & prequalification Today, regulators are more diligent than ever in their scrutiny to ensure that a Customer Identification Program (CIP) is an integral part of your financial organization’s BSA and Patriot Act compliance program strategy. In addition, the FACT Act’s Red Flag requirements demand that you develop a comprehensive Identity Theft prevention program. If you fail to comply, you risk regulatory fines, stiff penalties and adverse publicity. ■■ OneSumX FCC Customer Due Diligence is part of the Financial Crime Control Suite of OneSumX. Customer Due Diligence is a web-based tool that helps you ensure compliance with CIP, Customer Due Diligence and Identity Theft program requirements. Designed with flexible functionality, our solution automates your identity verification operations from account opening to record archiving. It streamlines your workflow and ensures compliance by risk-rating and risk-scoring new and existing accounts, verifying individual and business identities, and screening applicants and account holders against government watch lists. With a single signon that conveniently eliminates the need for multiple passwords, you can verify customer identities, screen high-risk customers and evaluate their potential risk. In addition, our hosted solution allows you to simply enter the information online. Send us the files and our experts will handle the rest. ■■ ■■ Risk scoring enables a deeper understanding of your customers through industry best practice branched question/ answer structure. Multiple templates can be leveraged “as is” or customized to replicate your institutions current risk management criteria Effective scoring develops an effective view of your customer’s risk and paves the way for enhanced due diligence Customer Due Diligence provides ID Verification for individuals and entities. ■■ ■■ ■■ Its multi-source identification and alert process incorporates numerous identity validation and business source databases. It automatically compiles all the information you need to satisfy BSA & Patriot Act requirements and serves as a cornerstone of your Red Flag Regulations program. Searching literally billions of records instantly, the program delivers the intelligence you need to make an immediate decision Customer Due Diligence utilizes a uniquely comprehensive verification process: ■■ ■■ ■■ ■■ ■■ ■■ ■■ Positive Verification confirms that presented information is accurate. Logical Verification confirms that presented information is cohesive. Negative Verification confirms that customer is not on watch lists. Customer Due Diligence enables the development of comprehensive questionnaires that deliver risk-scoring during the account opening process. Authentication enhances your Identification Verification process by creating a list of questions to which the answers could only be known by the true owner of the ID, returning results instantly. WorldCheck screens for high-risk individuals and entities around the world. This module is particularly useful for identifying those who do not have an established US identity and would not be easily identified via other identification services. OFAC automatically checks your customer data against the current OFAC lists. ABOUT WOLTERS KLUWER FINANCIAL SERVICES Wolters Kluwer Financial Services provides more than 15,000 customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2013 annual Please visit WoltersKluwerFS.com for more information. When you have to be right revenues of €3.6 billion ($4.7 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. © 2014 Wolters Kluwer Financial Services, Inc. All Rights Reserved.
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