As you’ll be well aware, Enhanced Due Diligence (EDD) checks are required when a customer or transaction is identified as high risk.
This includes politically exposed persons, entities from high-risk countries and transactions with suspicious activity. This process is important to ensure you are in compliance with current Anti-Money Laundering (AML) regulations. It will also give you confidence that your investments are secure. However, this is no longer a simple task.
Fraud and money laundering are on the rise. The risk of nefarious behaviour slipping under the radar has never been higher.
Conducting ongoing customer due diligence can be complex and time-intensive - but it doesn’t have to be. At Company Watch, we provide you with a robust EDD report that you won’t find anywhere else. Take a look at how our new EDD reporting and AML checks can protect your business, and secure your investments.
Actionable insights for informed decisions
Enhanced Due Diligence is often legally required in high-risk industries, businesses and transactions. The process is used to weed out money laundering, terrorist financing, and other types of fraud and corruption. The overwhelming amount of data available online means that important indicators can be hidden from you.
Many companies rely on Google searches alongside their credit checks to conduct their due diligence. These searches cover a small percentage of the data available online.
This is where our reports stand out from the crowd. We leave no stone unturned when it comes to EDD:
- We access the deep and dark web to gather information.
- We analyse over 198 million corporate records.
- We delve into over 600 billion archived web resources.
- We convert this information into digestible, customisable charts.
Having this comprehensive and accessible information at your fingertips will give you peace of mind when it comes to your investments.
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Inside our EDD reporting system
Once we’ve delved into every corner of the internet to analyse data from a vast array of sources, we’ll pull all the relevant details into our digestable EDD report. The sources range from social media accounts, client and employee reviews and corporate records, to deep web sources, proprietary databases and cached information. We can process this data in over 200 languages.
Risk Alert Matrix
This data is pulled into our Risk Alert Matrix - a traffic light system flagging risks across key categories, including:
- Reputational risk
- Discrepancy risk
- Adverse, PEP & Sanctions check
- Regulatory risk
- Significant individuals
- Related companies
Our reports will deep dive into any critical information across these categories, providing you with actionable insights in seconds. For example, it might flag negative employee reviews on Glassdoor where phrases like “toxic work environment” or “incompetence” are highlighted. These insights can be tailored to your needs, using customisable charts and network mapping.
Our Enhanced Due Diligence reports will:
- Save you valuable time by rapidly accessing data and eliminating errors
- Provide highly accurate data for confident decision-making
- Present information that is digestible and easy to present to stakeholders
- Give you complete control and security over your investments
- Ensure you are compliant with AML regulations
Let’s take a closer look at why AML regulations are tightening, and how our EDD reports can help you avoid fines and mitigate risk.
Combating rising fraud and money laundering
The UK’s dynamic business environment has become attractive for criminals to set up businesses for the sole purpose of money laundering. The government has estimated that this problem costs the UK economy £100 billion each year. As technology advances rapidly and criminals become more sophisticated, it is more difficult for you to detect financial crime.
In global attempts to crack down on corruption and money laundering, large fines were issued for non-compliance to AML regulations in 2023:
- Deutsche Bank was fined $186 million by the US Federal Reserve for a lack of progress against money laundering issues.
- The UK’s Gambling Commission has fined three businesses under the William Hill Group, £19.2 million for anti-money laundering failures.
- Britain's Financial Conduct Authority (FCA) fined ADM Investor Services International Limited, £6.47 million for inadequate money-laundering systems.
We can help you weed out fraudulent companies and ensure your company doesn’t run foul of AML compliance. Our EDD reports are some of the most extensive and in-depth on the market. Our platform also allows for ongoing monitoring of your customers and suppliers, so if something changes, you’ll be alerted immediately.
Whatever industry you are in, our Enhanced Due Diligence reports and anti-money laundering checks will arm you with the knowledge you need to be confident in your investment decisions, and ensure you remain in line with AML compliance.
Interested in securing your investments and future-proofing your business? Book a free consultation to find out more about our new Enhanced Due Diligence reporting.
