EDD With Alessa
May 20, 2020
The ability to perform enhanced due diligence (EDD) is a must for organizations looking to comply with anti-money laundering (AML) regulations, engage with new suppliers, vet parties involved in a merger or acquisition, or meet anti-bribery and anti-corruption obligations.
For this reason, Alessa now offers the ability to order EDD reports from Refinitiv directly from the application. This allows compliance teams to go beyond simply checking whether an entity is on a sanctions or a watch list and instead get detailed background information on individuals and businesses based on comprehensive research by the Refinitiv team.
Eliminate Unreliable and Time-Consuming Internet Checks
Whether used during onboarding or for ongoing monitoring of existing relationships, EDD reports offer a range of information to help determine whether organizations or financial institutions should be doing business with a person or a corporation. Information can include:
- Exact name or naming variation checks on all known and identified aliases
- Negative media and/or internet checks
- Global compliance checks
- Official corporate records and company background analysis
- Individual business interest checks, directorship checks and individual background analysis
- Litigation, bankruptcy and/or regulatory checks
- Executive risk summary and analysis
- Business intelligence and reputational source inquiries
- Ultimate beneficial owner(s) (UBOs)
Simplifying the EDD Process
When an EDD request is submitted, Alessa automatically creates a work item to track the request.
Once the Refinitiv team has completed its research and the EDD report is available, the workflow within Alessa automatically notifies the person who requested the report and assigns an analyst to review it.
The analyst can update the appropriate risk indicators, which in turn can affect an entity’s risk score and be used in any decision making process.
Save Time. Save Effort.
EDD reports allow organization to:
- Reduce effort by internal compliance teams to perform due diligence
- Take a true risk-based approach to due diligence by going beyond sanctions/watch list screening
- Have a full audit trail of investigation for legal and regulatory compliance
- Facilitate continued due diligence of customers, suppliers, vendors
- Comply with FCPA and other anti-bribery and anti-corruption obligations
To learn how you can optimize your due diligence activities, download our brochure on EDD with Alessa.