Now Is the Time to Monitor Your Clients More Than Ever

As the COVID-19 pandemic continues on a global level, firms are having to cope with unprecedented change. The impact on every business has been significant with many companies working at full throttle to survive, whilst others face financial difficulties.

Posted on April 20, 2020
Written by Vanessa Richards

Ongoing Client Monitoring

Although this is a time of economic uncertainty, what is certain, is that your clients’ risk status is changing at unparalleled speed.

There will be changes in your clients’ company structure, beneficial ownership, directorships and more importantly, their financial stability.

Proactive monitoring is essential

Payments

Such rapid changes in the market need proactive monitoring solutions……you need to know about any changes as soon as they happen so that you can take immediate and appropriate action.  It is no longer sufficient to re-check businesses every 6 months or a year, or even three years and hope that nothing significant has changed in the interim.

During this pandemic, regulated businesses must still adhere to Money Laundering regulations.  Whilst working from home may be new to us, it is standard modus operandi for criminals – and they are seeing increased opportunities where regular surveillance may currently be stretched.  It is essential that firms use all the tools at their disposal to continue to perform appropriate due diligence on their clients during onboarding, and to monitor their clients on an ongoing basis. 

To help ensure you remain compliant during this period of change, we recommend that you invest in automated client monitoring solutions that will alert you instantly to changes in your clients’ risk status.

Have confidence with a solution from NorthRow

We offer comprehensive company and individual monitoring solutions that can proactively provide real-time alerts on a wide range of indicators, such as:

  • New legal events, ie. the appointment of administrators
  • Change in credit rating
  • New beneficial ownership
  • Appointment of new directors
  • New adverse media

Our monitoring solutions are configured to specific requirements, so you will only be alerted to changes relevant to your business. Not only will the solution be fully customisable but it also delivers reduced costs with automation; clear audit record and ongoing compliance.

Download Monitoring Brochure

Monitor companies and individuals on an ongoing basis to deliver improved compliance. Our client monitoring solution provides outstanding efficiency and delivers regulatory compliance with the 5th Money Laundering Directive (5th MLD).

Download Monitoring Brochure

Delivering efficiency and regulatory compliance

As we experience these challenging times, we all need to work together to protect our businesses and to hold the frontline against criminals wanting to profit from the disruption.

You can’t afford to leave anything to chance. Accelerating the digital automation for your client monitoring will not only improve your compliance with relevant regulations, but it will also deliver outstanding efficiencies in your processes.

By implementing the changes now, you can be confident not just for these challenging times but also in the future and will allow you to focus on growing your business rather than spending valuable resources on manual compliance processes. If you would like to learn more about how we can help you with ongoing client monitoring, do not hesitate to get in touch or book a meeting.