The implementation of the Customer Due Diligence (CDD) Rule in 2018 by the Financial Crimes Enforcement Network (FinCEN), continues to impact various organizations, but not in the way many may think. Now that the rule is in effect, companies are confident in the amount of data they are gathering and are now looking more closely at creating more efficient processes, specifically around customer onboarding, identity verification and due diligence, according to results from the recent Thomson Reuters AML survey.

The amount of documentation and information needed to satisfy the CDD Rule can cause challenges within organizations if they don’t have a clear picture of their customers. Unexpected audits, by definition, can happen any time and are not anticipated, and using an all-in-one AML solution is key to being compliant. Organizations may rely on disparate systems for identity verification, transaction monitoring, sanctions screening, regulatory reporting, and due diligence, making it cumbersome to assess overall risk. And, if information is coming from various sources, the accuracy of the data could be a concern as well.

Thomson Reuters CLEAR ID Confirm and CaseWare Analytics have joined together to take aim at inefficient and fragmented AML processes to make compliance for our customers easier.

CLEAR ID Confirm provides a unique platform for identity verification, and paired with world-wide risk intelligence, can provide comprehensive global sanctions and databases. By adding in the power of the CaseWare Analytics platform, customers are able to use just one application for onboarding, sanctions screening and identity verification.

This comprehensive offering minimizes risk due to incomplete, stolen, or fraudulent identity information, and removes unnecessary steps enabling organizations to create more comprehensive customer profiles. Additionally, CLEAR ID Confirm with CaseWare Analytics enables companies to maintain an audit trail of all due diligence activities.

“The integration with CLEAR ID Confirm strengthens the CaseWare Analytics solution by allowing organizations to incorporate identity verification scores into our existing risk scoring capabilities,” said Andrew Simpson, chief operating officer at CaseWare Analytics. “When combined with periodic screening of existing customers, real-time transaction monitoring and automated regulatory reporting, organizations can confidently demonstrate that they have taken a risk-based approach to their AML compliance program.”

As organizations are mounting new operational strategies to remain compliant due to the CDD Rule, Thomson Reuters CLEAR ID Confirm with CaseWare Analytics will help organizations do just that through improved process and efficiencies.


This post was written by Chris Maguire, managing director, of the U.S. Corporate segment, Thomson Reuters Legal.

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