Beneficial Ownership Coverage

The new Customer Due Diligence rule, often referred to as Beneficial Ownership, is the most significant event in BSA/AML since the USA PATRIOT Act. This new rule will dramatically impact more than just your account opening processes. Financial institutions need a solution that can manage all customer and enhanced due diligence processes and requirements throughout the organization. Find out why Due Diligence Manager is the solution for you.

Due Diligence Manager is your fast track solution for compliance with FinCEN’s latest rule. Due Diligence Manager answers the question of how to comply with beneficial ownership on all levels.

  • Collect and safely store beneficial ownership certifications for the required 5 years after account closure
  • Stores the original Beneficial Ownership certifications as well as each updated form over the life time of the relationship
  • The inclusion of beneficial ownership records to existing OFAC scans, using tools such as WatchList Manager or IQ Autoscan
  • Incorporate beneficial ownership composition to overall portfolio-level risk
  • The ability to aggregate cash on common beneficial owners in addition to conductor and beneficiary TINs when warranted

A major advantage of Due Diligence Manager is its flexibility to integrate with your current account opening processes. This means you don’t have to change your process to fit the software, it is designed to fit into your process. It does all of this while being compliant with FinCEN’s new CDD rule. With Due Diligence Manager you can collect, document and store the information needed for beneficial ownership, including both the ownership and control prongs.


Risk Rating and Reviews 

Due Diligence Manager provides a cumulative and comprehensive view of all account level risk information at your fingertips. You can risk rate at the individual level or the portfolio level (consumer or legal entity level). This flexibility puts you in the driver’s seat by giving you insight into the expected versus actual transaction activity and the ability to compare that data on multiple levels, all in one place.

Offers flexible scheduling of periodic reviews of each of your risk levels,  to ensure you can manage risk appropriately. Due Diligence Manager allows users to see how behaviors are deviating from their expected norms.


Tailored Questionnaires 

As your institution grows so do your due diligence needs. Due Diligence Manager provides each institution the ability to tailor Customer and Enhanced Due Diligence questions to meet your changing needs.

The question building tool within Due Diligence Manager gives the user complete control over the wording, order and content of each question. It makes it easy to replicate your existing question sets and make adjustments over time.

There are no limitations to the number or complexity of the questions added. In addition, each question can be adjusted or retired as needed with proper security permissions. The tool allows question-tree formatting that ensures questions will appear based solely on the prior answer allowing you to be more efficient in finding the information that you need.

Tailored questions for the front line team offers enhanced customer service and cross-sell assistance, while satisfying the quality control measure across the full review process for your back office teams.


Case Management

Gain confidence in your CDD process with Due Diligence Manager’s robust case management system. Build out your full compliance review process and as well as manage the tasks associated with onboarding and periodic risk reviews all in one central place.

Manage the Process: One size doesn’t fit all. Due Diligence Manager offers process management to review your consumers and set quality control measures to meet your needs.

Manage the Work: Due Diligence Manager dashboard allows you to customize your deadlines and due dates for reviews as your institution evolves.

Proactively schedule, assign and track workloads from new account onboarding to a periodic review. Identify and group portfolios easily by risk level, account tag identifiers, or even footprint for ease in Risk Rating or assignment. Portfolios can be assigned for the next upcoming review, or assigned on a more permanent basis for ongoing monitoring.


Documentation and Storage

Access your data easily and efficiently. All customer due diligence data is stored within the system and is easily accessible to all areas of the institution as needed for review or investigation needs.

Due Diligence Manager provides a user-friendly data collection solution that can be deployed across the institution to all areas responsible for collecting and maintaining Customer and Enhanced Due Diligence, while still securing the sensitive review information through security permissions.

Due Diligence Manager becomes your central electronic repository of all documentation, comments, attachments, and review summaries over the life of the customer relationship.


Multi-User Functionality

Front-line and back-office users have different needs. Due Diligence Manager accommodates those requirements within its system.

Due Diligence Manager is easily deployed to the front line personnel, simplifying the onboarding process and allowing your institution to ask the right questions at the right time. Front-line users will find the interface easy to use and quick to navigate, making their job as easy as possible to complete and keeping your institution 100% compliant.

Back-office functions can be layered to match your security role needs. Users will love the flexibility they have with permission controls giving them the ability to view information on multiple levels. Coupled with enhanced search functionalities, finding the information you need becomes fast and easy. Due Diligence Manager allows you to decide what level of access each user needs. This way, not everyone will have access to the institution’s sensitive data, as the permissions control will allow managers to control the flow of data, ensuring only the appropriate people have access to your institution’s sensitive data.