Maximum legal certainty, with minimum effort
On December 22, 2011, tighter statutory guidelines for combating money laundering and terrorism became mandatory for banks’ day-to-day business processes.
One of the focal points of Germany’s revised Anti-Money-Laundering Act (GWG) is compliance with the due diligence requirements for determining a customer’s identity. This also encompasses the ownership and control structures of legal persons, and clarification of the beneficial owner. Creditreform’s latest solutions determine the beneficial owner for you, in most cases, fully automatically.
Creditreform also helps you with continual comparisons of your customer data with the latest sanction lists of suspected terrorists and terrorist organizations. These are conducted both for domestic and overseas organizations. Our solutions place you firmly on the right side of the law!
- Browser-based Web solution for quick, one-off checks
- Fully integrated system solutions for automated, ad hoc checks within your own processes
- Batch-based screening of your master data
- Compliance monitoring for permanently cross-checking your own customer data with sanction lists.
In each of these processes, Creditreform centrally logs the review and documents it in a legally-compliant manner.
Information and system solutions for your compliance
CrefoSystem for fully automatic identification of the beneficial owner.
As a fully-integrated, holistic solution for efficient, needs-oriented customer and risk management, CrefoSystem is especially suited to the demands of larger banks, savings banks, and leasing and factoring companies. Its pick & mix philosophy towards choosing the required add-ons allows tailoring to each customer’s unique needs.
As Creditreform centrally maintains the statutory rule sets to accommodate new legislation and export regulations, you’ll always be up to date. And another benefit, and for further convenience: CrefoSystem also guarantees your compliance with the logging and retention obligations for electronic documentation under § 8 GWG.
VerflechtungsInfo Plus provides graphically enhanced data on business partners’ corporate structures, shareholders and shareholdings via an interactive user interface. Details of the percentage shareholdings let you calculate the beneficial owner manually.
VerflächtungsInfo Plus, and the ability to identify the beneficial owner manually, are contained in the Premium Report; those preferring automatic identification of the beneficial, however, can upgrade to the product the WB-Info via CrefoDirect.
WB-Info is an automated solution for identifying the beneficial owner and can be called up conveniently online via the CrefoDirect Web portal.
It is principally aimed at mid-sized banks, savings banks, and leasing and factoring companies for which the full-fledged integration of a system solution would be too complex. As a matter of fact, calling WB-Info via the CrefoDirect Web portal needs no additional installation overheads whatsoever.
Like all our solutions for identifying the beneficial owner, Creditreform is responsible for centrally implementing and maintaining the statutory policies to accommodate new legislation and export regulations. In this way, you’re always up to date and, with that, on the right side of the law.
System-based sanction list checks with Creditreform SanctionList-Check
Transacting with sanctioned persons and institutions is a criminal offense, forcing companies to identify their business contacts beforehand by law. For legal compliance, therefore, customer data must permanently be cross-checked with the latest sanction lists containing names of suspected terrorists and terrorist organizations; these checks are conducted both for domestic and overseas companies. Infringing these guidelines can result in severe fines and even imprisonment. With Creditreform SanctionList-Check, you remain simply and transparently on the right side of the law!
- Legal certainty by fulfilling your due diligence duty to identify the beneficial owner under the German Anti-Money-Laundering Act (GwG).
- Legally compliant documentation through audit-conformant archiving
- Minimal implementation overheads through simple interfaces and intuitive GUIs
- High quality reconciliation through intelligent search technologies
- Lean processes through outsourcing research to Creditreform
- Regular updates and permanent monitoring of the sanction lists.