Customer Due Diligence | Wolters Kluwer Financial Services OneSumX
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OneSumX for Customer Due Diligence

  • 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 for Customer Due Diligence is a web-based tool that helps you ensure compliance with Beneficial Ownership, CIP, Customer Due Diligence and Identity Theft program requirements. Designed with flexible, automated 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 sign-on 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.

    Our Customer Due Diligence solution includes:

    ID Verification for individuals and entities:

    A multi-source identification and alert process, which 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.

    OneSumX FCC utilizes a uniquely comprehensive 3-step verification process that includes:

    • 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.
    • Beneficial Ownership Service: Beneficial Ownership Service: Provides a means of collecting all FinCEN required information according to the final beneficial ownership rule, regarding Beneficial Owners of 25% or more of a business entity. This service also automates the creation of CIP records for the Business Entity, individuals opening accounts, and an executive or senior individual managing the business entity. In addition, a FinCEN suggested form is created in the permanent CIP record for future use.
    • OFAC: Automatically checks your customer data against the current OFAC lists.