Improving insight into the purpose and nature of the business relationship and expected transaction profile
Compliance Champs provided project management for a project focusing on Client Profile for a major Dutch bank. This has enabled the bank to make improvements to the onboarding process for new clients and the monitoring activities for existing clients. This project has ensured that this bank was better able to determine the purpose and nature of the business relationship, to record it demonstrably and to further align the CDD standards, policy and work instructions. In addition, the project has made it possible to draw up an expected transaction profile, update the peer grouping and actively improve the transaction monitoring process. Finally, this project has defined that for some of the clients the missing information will have to be retrieved in order to complete the client file.