Beyond the basics: advanced customer due diligence with RegLab
As an AMLD-obligated organisation, you are required to perform thorough customer due diligence. It is therefore crucial to have access to current and reliable client and risk data from the very first customer interaction. RegLab understands this need and offers a practical solution: an integration with ComplyAdvantage. This integration enables firms to go beyond the basics and implement an advanced approach to client screening.
Comprehensive screening from the start
RegLab offers two options for screening clients: the built-in screening tool within the RegLab application and the more comprehensive ComplyAdvantage integration.
The screening tool integrated into the RegLab application forms the foundation for AMLD compliance. As soon as a client or fund is added, the tool automatically checks all associated parties against (inter)national sanctions and high-risk countries.
For more in-depth checks, there is the integration with ComplyAdvantage. This (pre)screening is automatically carried out when adding a new client or related party. The tool uses current, international data sources and considers various risk factors:
- Politically exposed persons (PEPs): PEPs present a higher risk of money laundering and corruption. ComplyAdvantage consolidates global PEP data into one database, ensuring consistent and thorough screening.
- Adverse media: Adverse media refers to negative reporting on your client or related entities, such as news about financial crimes or legal issues. ComplyAdvantage scans global news and assigns sentiment scores to detect risks more quickly and accurately.
- Sanctions and high-risk countries: Screening for sanctions and high-risk countries checks whether clients are linked to sanctioned or risky jurisdictions. ComplyAdvantage uses current, consolidated sanction data from global sources, including aliases and entity linkages.
Ongoing monitoring
After the initial screening, each entity remains under active monitoring for one year. If the risk profile of a screened person or organisation changes (e.g.. due to a new listing on a sanctions list), you’ll automatically receive a notification as a RegLab user. This allows you to act quickly when necessary.
Reliable risk profile
Where many providers conduct risk assessments later in the process or use outdated, manual sources, RegLab – in collaboration with ComplyAdvantage – performs assessments based on real-time, global data. This not only speeds up the client onboarding process but also significantly increases the reliability of the risk profile.
Want to learn more?
With instant prescreening and ongoing monitoring via ComplyAdvantage, RegLab offers a solution that is both practical and compliant with legal obligations. Choosing this approach provides better risk visibility and forms a solid foundation for ethical and future-proof service delivery.
Want to discover how the RegLab application can make your workflows safer and more efficient? Book a free demo today and experience how easily you can meet AMLD and GDPR requirements while protecting your clients' privacy.
