Performing enhanced due diligence is a vital KYC process in identifying bad actors, and protecting organisations from financial crime to help minimise the risk of financial sanctions and lawsuits.
Vetting customers before working with them and continuous monitoring is essential to help protecting your own company from risk. Enhanced due diligent checks are often needed when dealing with clients or suppliers from high risk business sectors or countries.
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The RFA database uses an algorithm created in-house to provide extensive information to highlight risk and changes in status fast, protecting our customers and their business interests.
RFA’s EDD checks go beyond the enhanced due diligence checks performed by many companies, using a wider range of data points to identify and report potential risk before it happens. Using high quality data sources and in line with the 6th AML directive, RFA offer fast, up to date enhanced due diligence checks to keep organisations compliant and out of danger.
The RFA EDD database quickly identifies potential risk from persons including:
Those who have previously been accused or convicted of financial crime, or have court proceedings related to financial crime
A person subject to financial sanctions
An individual with high levels of negative media coverage
The person who ultimately controls the financial interest or commodity
Those with high net worth pose a greater financial risk
RFA can also quickly and easily identify potential clients or suppliers from high risk locations including:
Enhanced due diligence (EDD) is vital to protecting your organisation from financial crime (including money laundering and terrorist financing) when doing business with a high-risk customer. Discover how it differs from standard due diligence and why your organisation may need to perform it.
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