Challenge

As a high-profile global business, one gas company knew it had to maintain its highly ethical and thorough approach to compliance management. The company relies on a complex supply chain and a network of joint ventures to grow its operations, and it must comply with international trade restrictions, export controls, anti-boycott laws, and anti-money laundering legislation. The Head of KYC & MLRO is responsible for the company’s compliance to relevant legislation and best practices in Know Your Customer and Anti-Money Laundering.

Solution

Nexis Diligence, an online solution, provides access to watch lists, Politically Exposed Persons (PEPs) lists, trade restrictions, and sanctions information through one interface. Nexis Diligence is now the de facto tool used by the company’s team.

Having one resource through which to find all the relevant information has completely changed the team's ability to assess new business relationships.

Head of KYC & MLRO

The alert system has enabled us to carry out constant checks on companies that we are working with. This has been a very valuable addition to our capabilities, providing access to up to date information to review business relationships regularly.

Head of KYC & MLRO

Nexis Diligence provides access to a global media resource including more than 23,000 sources of information, which the company finds particularly helpful. “Using internet searches we would find a lot of noise but not necessarily the right information to drive our decision making. Nexis Diligence has enabled us to access relevant and targeted media insight that goes beyond what is available in the public domain,” said the Head of KYC & MLRO.

Results

Nexis Diligence lets the company significantly enhance its customer and partner monitoring without additional staff resources. As the Head of KYC & MLRO noted, “Our team now has more time to do important other work, knowing we can rely on Nexis Diligence to provide assurance that, if there is information that we need to know about, it is going to pick it up.”

Benefits of Nexis Diligence:

  • Alert system for ongoing monitoring
  • Relevant insight in one place
  • Global media resource

Nexis Diligence provides an alert system that enables the KYC and MLRO team to receive any relevant new information on a particular company or individual. “The alert system has enabled us to carry out constant checks on companies that we are working with,” said the Head of KYC & MLRO. “This has been a very valuable addition to our capabilities, providing access to up to date information to review business relationships regularly.”

One critical requirement was being able to access all of the relevant information from one source. The Head of KYC & MLRO added, “We analyze PEP lists, watch lists and sanctions lists, as well as news about customers or business partners. Previously we would be gathering information from a number of different sources and the time saved has made us more efficient as a business. We are now actively looking at the reporting functionality in Nexis Diligence to further enhance our due diligence recording.”

Despite introducing Nexis Diligence as a new system, the Head of KYC & MLRO noted that team was impressed with how easy the product was to use. “We found ourselves up and running very quickly. It is web-based, very user friendly and we now use it on a daily basis as the ‘go-to’ tool for our work.”



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