WWFT compliance screening
Automated client screening for an international import and export company in the premium automotive segment.
Screening new clients takes too much time.
WWFT and European anti-money laundering regulations require companies to screen every new client before doing business. At an international import and export company in the premium automotive segment, this was done manually: for each client, staff had to consult multiple sources, from sanction lists to foreign chambers of commerce and tax authorities. This took a lot of time and was error-prone.
One standardised process for every client.
After an audit of the screening process, we developed a tool that automatically gathers information for every new client from international sanction lists, risk assessments based on the organisation's country and public registers such as chambers of commerce and tax authorities. The tool builds a risk profile based on this data. When changes occur in the future, the same screening is re-run, so the file always stays up to date.
From manual searching to a standardised screening process.
Instead of manually searching multiple websites and registers per client, every new client now goes through the same standardised process. The tool delivers a risk profile per client that is directly usable for the compliance assessment. The tool is currently in development.
Could your process be mapped too?
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