Bas van der Veer, Sales Director“Our primary focus is on conducting client investigations, driven by the imperative for clients to comply with sanction and AML laws and regulations,” emphasises Bas van der Veer, sales director of SCOPE FinTech Solutions.
Understanding that one size does not fit all, SCOPE FinTech Solutions leverages the flexibility of its software and algorithms, alongside the scalability of its platform, to predefine templates for specific market segments or client types. This approach minimises time to market and implementation costs. Clients can access the compliance solution through CDD On Demand or a web browser. The transaction-based webshop and online portal allow clients to create a free account and buy credits to perform transactions like a screening/background check and an ultimate beneficial ownership (UBO) investigation. Clients categorised as medium or high risk undergo further review by the company’s staff for thorough investigation.
The CDD On Demand solution assists clients in conducting thorough and traceable compliance checks, including UBO verification, IDV On Demand, series checks, or daily client monitoring. This enables clients to maintain constant compliance with regulations, mitigating the risk of their company engaging, directly or indirectly, with criminal or terrorist organisations, or being involved in money laundering activities.
IDV On Demand, a ground-breaking solution provides organisations with an efficient and secure way to comply with the requirements of the AML. This is specifically designed to support companies in identifying and verifying their customers in a way that is effective and compliant.
IDV On Demand significantly shortens the traditional process of identification and verification. SCOPE FinTech Solutions’ automated systems enable businesses to quickly and effectively verify customer identities without requiring customers to be present in person, improving the overall customer experience. With a watchful eye on security and accuracy within the customer verification process, biometric verification and automated ID checks are used. Using this feature significantly reduces the risk of identity fraud and ensures the legitimacy of every transaction.
After verification, they can easily manage all ID&V activities in one overview. The platform provides clear statuses, such as “Suspect” or “Approved,” for businesses to act quickly based on the results.
With IDV On Demand, SCOPE FinTech Solutions is setting a new standard for identity verification, enabling organisations to operate more efficiently while meeting stringent compliance requirements.
Moving ahead, as an AML gatekeeper, one must establish and enforce a risk policy in a verifiable manner. This requires suitable tools and manpower for policy creation and implementation. Without adequate tools, the gatekeeper role becomes laborious and exasperating, particularly for employees. In this regard, the SCOPE Compliance Management Portal (CMP) advances a compliance software suite tailored for medium to large companies facing substantial AML challenges. This enables consolidated client investigations and risk assessments, ideal for bigger teams and handling larger volumes within a corporate environment. The centralised database solution stands out due to its streamlined processes, which ensure reduced manual labour, making the execution of the CDD process faster, saving time and money and preventing errors.
Integration is crucial in client management, starting with onboarding, extensive data collection, and identity verification. Once a client engages in a contractual relationship or purchases a product, they are added to the monitoring list. For example, the organisation’s risk assessment software determines the frequency of reviews, depending on their company policy every five years for low-risk clients, every three years for medium risk clients or annually for high-risk clients. This cycle of reviews forms a client’s lifecycle until they are offboarded.
Besides, the firm streamlines the onboarding process, monitoring and reviewing it and provides options for online onboarding forms integrated with its CMP, automating processes. Alternatively, clients can receive an email with a link to complete the onboarding process, including identification verification. The solution’s flexibility allows for adaptations based on the client’s existing processes, ensuring a comprehensive approach from onboarding to offboarding.
Our primary focus is on conducting client investigations, driven by the imperative for clients to comply with sanction and AML laws and regulations
SCOPE FinTech Solutions demonstrates remarkable adaptability, spanning diverse market sectors with notable success in real estate. Four years ago, tailored solutions for real estate agents were scarce in the Netherlands, so SCOPE seized the opportunity. By partnering with the country’s leading real estate agent associations, SCOPE became their official provider, offering essential tools like APIs and background checks for risk assessment. Today, its solutions are utilised by a user base of nearly 1500 to 2000 real estate agents, driving substantial growth in the sector.
The company offers its software as a white-label solution to assist companies in expanding internationally, enabling them to create new client databases. It can supply the complete software suite offering to KYC/CDD service providers, allowing them to incorporate its software into their proposition and provide managed services. This enables SCOPE FinTech Solutions to partner with local or domestic organisations with expertise, manpower, and client access.
Amidst digital transformation and heightened regulatory scrutiny, SCOPE FinTech Solutions is an ally, reshaping compliance within the financial sector. By blending cutting-edge technology, strategic partnerships and dedication to client satisfaction, the company enables businesses to navigate regulatory complexities seamlessly.
