Monitoring your customers/clients on an ongoing basis has always been critical to ensuring your business remains compliant with Anti-Money Laundering (AML) regulations. It is not enough to perform a comprehensive AML check during the initial client onboarding, you must continually monitor your clients for any changes in company structure, beneficial ownership or directorships to ensure fraud is not committed, or that money laundering or terrorist financing funds do not enter your system.
Monitoring of companies in different jurisdictions across different territories is a considerable challenge. Some countries lack the datasets needed to perform comprehensive AML checks or those data sets simply do not exist. Various languages and cultural differences can further complicate the monitoring process.
At NorthRow we have added new functionality to help improve and simplify international company monitoring for our clients. We have increased our international data coverage and the company status/events or changes that we can now track, monitor and alert you of.
International Coverage
International data coverage now includes the following countries:
- Austria
- Belgium
- Denmark
- Finland
- France
- Germany
- Ireland
- Italy
- Liechtenstein
- Luxembourg
- Netherlands
- Norway
- Spain
- Sweden
- Switzerland
- UK
- USA
Event Monitoring
In terms of events, NorthRow now monitors the following company events, developments or officer changes:
- Director change
- Change to credit limits
- Change to total issued capital
- Change to ultimate holding
- Legal events
- Beneficial owner change
- Credit score
- Company name change
- Head office activity
- Address change
- No. Of employees
- Negative data
- Branch / Establishment activity
For all international companies, we only offer the ‘status change events’ above. The only exception to this is for UK companies, where we offer more detailed information on the Director and Beneficial Ownership change events.
Our international risk monitoring capabilities ensure that you are informed of any activities which could cause a breach to your supply chain (or non-compliance), enabling you to react quickly to problems before it’s too late, whilst helping to ensure your business is continually compliant with it’s AML regulatory obligations.
At NorthRow we understand that clients need to access an ever-increasing range of data in a global world. Our platform is built with this requirement at its core, enabling us to add new data sets easily and deliver them to clients through a single API.
Summary
We are continually innovating and investing in new functionality and solution enhancements to expand our company monitoring reach in more countries, helping ensure we can an adapt to the latest challenges our clients face.
