Counterparty Due Diligence (CDD) Version 2.0
8th August 2021
Zeidler is excited to present CDD version 2.0.
Our latest enhancements and features are designed to further future-proof your counterparty due diligence requirements.
More Control. More Collaboration. More Efficient.
Our release update highlights include:
Streamlined Sign Up Process
We have added the ability for users and their counterparties to directly invite and remove users when relevant to the Swift platform.
To enable more granular control, users’ permissions can be managed as part of user groups and specified to each section of the questionnaire.
Autosave
The new autosave feature enables the questionnaire to be saved as it is edited, reducing the risk or impact of data loss.
Questionnaire Overview Page
The downloadable pdf of the questionnaire will include additional data, such as information on the approval steps and associated comments.
Improved Listing Page
We have improved the listing page view.
Where submission of sections was chosen, relevant information will be displayed at this level of detail, including the different statuses of the sections.
View of the new listing page
Improved Locking Section
Improved section locking feature informs a user in real-time if another user is working on a specific section without the need of having to refresh the browser. This further facilities collaboration when working on the questionnaires.
Enhanced Communication
Within the questionnaires, you can now choose whether to share comments with the counterparty (i.e. ‘public’) or keep it internal (i.e. ‘private’).
This facilitates communication and collaboration within your organisation and with the counterparty directly on the questionnaire.
This feature also provides an audit trail of points discussed – removing the time-consuming burden of searching through emails.
Dashboard view of new enhanced communication functionality
We have added even more new features and functionalities of CDD version 2.0.
If you and your team would like to implement any of the following features, please let our CDD team know.
Our CDD team will be adding short instructional videos on Swift so that you and your team can custom request what features and functions will serve you best.
UBO Engine
Designed to help identify the Ultimate Beneficial Owners (UBO) by building the ownership structure, the UBO engine mitigates risk and enhances KYC functionality.
As the information on owners (natural persons and legal entities) is entered into the tool, the user can see a chart created in real-time.
The UBO Engine validates the information as it is provided, checking at each step for whether the criteria for UBO has been met.
In the cases where UBOs are not discernible, the user will be prompted to disclose a UBO or UBO equivalent, such as a senior managing official.
UBO Engine dashboard view
Enhanced Approval Workflow
Our approval workflow has been revamped and includes the ability for the user to add their comments at the moment of approval or at each approval step. This helps to capture the reasoning or observations behind an action.
The CDD version 2.0 update includes the functionality to have additional levels of approval based upon predetermined triggers and the counterparties’ responses.
For example, if the counterparty discloses that there is a Politically Exposed Person on their management board, this will trigger an additional level of approval by the Compliance team.
Dashboard view of new enhanced approval workflow functionality
Self Management of User Access & Group Permissions
We have added the ability for users and their counterparties to directly invite and remove users when relevant to the Swift platform.
To enable more granular control, users’ permission can be managed as part of user groups and specified to each section of the questionnaire.
Request Control
Users will have more control over the questionnaires, including being able to edit and submit. This functionality caters for scenarios where the counterparty sends information outside of the tool or for users who need to capture historical data on the Swift platform.
Users will be able to re-open a questionnaire and grant counterparties the possibility to edit – allowing for those last-minute updates.
Submission and Approval at a more Granular Level
Rather than waiting for an entire questionnaire to be completed, users will have the option to allow counterparties to submit a section of the questionnaire as soon as it is ready. Allowing the questionnaire submission to be broken down into more bite-sized chunks will expedite the process of receiving and subsequently reviewing a section.
Users will have the option to set the approval workflow at a section level, allowing the approval process to be more tailored and focused for the different approvers.
Dashboard view of new approval and submission functionality
Internal Sections and Questions
Users will now have an additional feature to host questions and sections that are internal to them, and their counterparty clients to enrich the review process. The internal questions and sections will be safeguarded and only appear to users to ensure confidentiality.
Such internal questions and sections can also include help text and even hyperlinks, for instance to link to client policies, and to help guide the user’s review accordingly.
General Improvements
A number of additional improvements include:
- Now with direct control over user accounts
- Submission and assign groups at section level
- Improved view with more data available
- More options available for risk rating methodology
- Still entirely managed and monitored via Zeidler’s digital platform and backed by dedicated legal and compliance expertise.
Our team of multi-disciplined compliance, legal and regulatory experts continue to work hard to ensure you can make sense of your distribution networks for compliance and mitigate risk.
We are passionate about ensuring you and your team can easily make sense of your distribution network, compliance and risk management.
For additional information, please email us at [email protected].
We will continue to keep you informed as we work on version 3.0.