Implement compliant KYC and third party risk programs
Companies with an international footprint need to implement effective internal control procedures. This helps ensure compliance with the full range of legal requirements and reduces exposure to risk during the customer onboarding, screening, and monitoring process.
Supply chains, business associates, joint ventures, and acquisition targets are particularly likely to present unknown risks to an organization. Ignorance can no longer be a defense. Despite the pace of business today, organizational management is expected to know who they are doing business with and what the laws require.
By using Thomson Reuters Screening Resolution Service – which leverages other, leading Thomson Reuters assets to screening due diligence on an organization’s behalf – the overall cost of compliance can be reduced, and departments are freed up to focus their efforts on other important activities like tracking and implementing regulatory change.
Advantages for corporate and financial service firms
- Gain a competitive edge in critical bid scenarios that may be time-sensitive
- Lower overall costs of operation
- Demonstrate a complete audit trail to regulators
- Improve regulatory compliance
- Adopt a proactive approach to identifying changes in risk
- Reduce financial and reputational risk
The clock is ticking to the implementation of the Fourth European Union (EU) Anti-Money Laundering (AML) Directive - shows Key dates and the directive's main changes as well as the changes in penalties for transgressors.
Examines how companies and financial institutions will be assessing their risk appetite and exposure, as Iran opens up for business after the relaxation of sanctions by the UN, US and EU as part of the Joint Comprehensive Plan of Action (JCPOA).
World-Check trusted and accurate source of risk intelligence made available to help you meet your regulatory obligations, make informed decisions, and help prevent your business from inadvertently being used to launder the proceeds of crime or association with corrupt business practices.
Enhanced due diligence processes form part of a best-practice, risk-based approach as well as providing a critical framework during the anti-money laundering and know your customer on-boarding life cycle.