KCP's clients
KCP is ready for organisations that need and want to screen their business relations for integrity
Our clients are financial institutions (including banks, trust offices and payment institutions), corporations (including law firms and real estate agents) and municipalities. We ensure higher client satisfaction, cost and time savings and optimal risk management. Our clients' files comply with regulatory requirements.
Banks
Legislation
The fourth EU directive and the Dutch WWFT require banks to investigate their customers for integrity. Investigating (larger) companies, served by the Corporate, Commercial and Wholesale Banking departments, and wealthy individuals, served by Private Banking, is a time-consuming and labour-intensive activity. We carry out these client investigations for banks, allowing them to focus on their core business.
Research
Depending on the compliance policy and risk findings, we examine the client, its activities and revenues. If it is a company, we also test directors and ultimate beneficial owners (UBOs). We screen for sanctions lists, politically exposed persons (PEPs), bad press and, if necessary, also on relationships and related activities. Thanks to our experience at many (international) banks, we are well aware of current best practices. This is how we help banks learn from each other.
Trust offices
Legislation
The integrity supervision of trust offices in the Netherlands is based on the Wet toezicht trustkantoren (Wtt) and the underlying Regeling integere bedrijfsvoering Wtt (Rib). CDD/KYC activities of trust offices are increasingly monitored by De Nederlandsche Bank (DNB). Unfortunately, DNB is not yet satisfied with the level of CDD and transaction monitoring at trust offices, as evidenced by various newsletters and the recent DNB seminar for trust offices.
Research
Trust offices need to conduct rigorous and thorough investigations. KCP helps the client manager with the executive tasks by deploying senior CDD professionals with extensive compliance experience. They prepare files, help compile the transaction profile and properly perform risk analysis. KCP ensures that the files are "pass through a ring" and the integrity risks are acceptable so that reviews by the Compliance Officer, the Auditor and DNB are no longer a concern.
Advocacy
Legislation
We advise and carry out client investigations for lawyers providing services covered by the WWFT. This includes advice on buying and selling companies and registered property. By outsourcing meticulous client investigations to KCP, lawyers can focus entirely on assisting their clients. We ensure the correct information in the file and, after thorough analysis, advise on forming a risk assessment.
Research
In the case of clients covered by simplified client screening, the screening shall be based on independent sources and shall include the following elements:
- Ultimate stakeholder research (UBO)
- Drivers
- Screening - bad press, penalties, politically exposed persons (PEPs)
- Risk factors
- Risk assessment and advice on risk category
Real estate agents
Legislation
Commercial property brokers are subject to the WWFT and must carry out client due diligence. We ensure that brokers manage their risks and comply with legal requirements. By performing their client due diligence for them, we enable them to focus on their commercial activities. We also carry out extensive background checks on integrity of potential buyers and sellers.
Research
A client due diligence involves at least the following:
- identification and verification of the client and, if necessary, of its directors
- identification and risk-based verification of the ultimate beneficial owner (UBO)
- establishing the purpose and nature of the intended business relationship
Furthermore, it is recommended to also screen the relationship for country risk, business activities, bad press, sanctions and PEP.
Payment institutions or PSPs (Payment Service Providers)
Legislation
A payment institution is a payment service provider licensed by the Dutch Central Bank. Payment institutions must perform KYC when accepting and periodically monitoring merchants.
Research
It is common for us at payment institutions to identify the risk factors (country, business activities, etc.) of the merchants and, based on the risk factors found, to recommend acceptance or deeper investigation. We naturally also carry out UBO identification and sanction and PEP checks on merchants and UBOs.
Results in a row
Risk management
Risk analyses with guaranteed quality
Meeting regulatory requirements
Our clients' files meet regulatory requirements.
Time and costs down
Efficiency with better results within budget and deadline
Customer satisfaction
Strengthen control and improve supervisor and customer satisfaction
KCP's modus operandi
KCP works according to a tried and tested method that has proven itself in practice.
Preliminary analysis
KCP delves into policies, procedures, people and systems to make implementation easy. We analyse the current process and translate the policy into practical CDD research steps. By doing so, we easily estimate the current internal costs.
Quotation and contract
Based on the analysis, we estimate the cost per study. We incorporate this into your quotation. Upon acceptance, we process the arrangements in a contract with a detailed description of the work.
Implementation
The investigation is carried out by our specialised KYC experts. Validation, audit and advice are carried out at the client's office wherever possible, the investigation itself can take place partly at KCP's office by arrangement.
KYC system
We use a KYC system for workflow, auditing and archiving data and documents. The system is a relationship database in which the links between different people and companies are recorded and displayed in organograms.