Ongoing Due Diligence
Ongoing Customer Due Diligence
AML compliance unfortunately is not set and forget.
At its most basic, ongoing checks for whether your UBO has been added or removed from a watchlist is a requirement, usually once a year, sometimes every two years, and depending on your risk profile, sometimes at a much greater frequency.
You may also want to think about whether your industry, target market, or client type warrants ongoing checking for changes to corporate structure, ownership, and operations. A defined process is key here, and even a simple document that outlines a short summary of your risk, and measures that you will undertake and when, will assist you in ensuring you are compliant, and can help you defend your position in the event of an audit.
If you need a copy of a risk assessment template, contact us and we will be happy to provide one at no charge. And, if you are looking at a more formalised process, we can help here as well. MVSI provides a range of services for ongoing customer due diligence, from automated recurring PEP AML and CTF watchlists checks, through to monitoring corporate structure and transaction monitoting.