Biz4x Customer Due Diligence and Ongoing Monitoring

Biz4x provides an integrated platform designed to support Customer Due Diligence (CDD), customer screening, risk assessment, and ongoing monitoring activities. The platform enables users to manage customer information throughout the customer lifecycle and supports compliance-related review and monitoring processes.

Create New CDD

The Biz4x platform allows users to create a new Customer Due Diligence (CDD) profile directly through the portal. The CDD profile is designed to capture comprehensive customer information, including customer identification details, Ultimate Beneficial Owner (UBO) information, ownership structure, and shareholding details.

The platform also provides configurable risk-scoring functionality. Users can establish their own scoring criteria based on factors relevant to their compliance framework, such as the nature of the customer's business, nationality, jurisdiction, and other applicable risk factors. This enables organisations to apply a risk-based approach that is aligned with their internal compliance requirements.

CDD Search

Biz4x provides a user-friendly CDD search function that enables users to quickly locate and review customer information stored within the platform.

The search functionality is designed to provide users with a simple and efficient way to retrieve customer profiles and relevant CDD information. This allows compliance and authorised users to access the required information efficiently during customer reviews and ongoing compliance activities.

CDD History and Export

Biz4x maintains historical CDD information within the platform, allowing users to review previous customer records and assessments when required.

Users can retrieve and export CDD reports based on selected criteria, including specific dates or months. The export functionality provides a convenient way to retain records and support compliance reviews, internal monitoring, audit activities, and reporting requirements.

Ongoing Monitoring

Biz4x provides an ongoing monitoring capability for subscribed users based on their selected monitoring requirements. The purpose of ongoing monitoring is to support regular screening of customers against relevant databases and to identify potential changes in a customer's screening status.

The system performs scheduled name screening and can identify new or updated results associated with monitored customers. Where a customer is subsequently identified in connection with a relevant sanction, warning, or other screening result, the system can generate notifications to alert the user.

Depending on the configured settings, notifications may be provided through email alerts, on-screen notifications, or system restrictions requiring the user to review and acknowledge the relevant screening result.

This functionality enables users to identify potential changes to a customer's risk profile and conduct the appropriate review in accordance with their internal compliance procedures.

Ongoing Monitoring History

Biz4x maintains historical records of ongoing monitoring activities and screening results. Users can access the monitoring history to review previous screening activities, alerts, and relevant results.

The platform also provides reporting and export functionality, allowing users to retrieve monitoring records based on specific dates or months. These records can support compliance reviews, internal investigations, audit processes, and regulatory record-keeping requirements.

Email Notification

Biz4x provides automated email notifications to registered or configured email recipients when a relevant screening result is identified through the platform.

Where an individual or entity associated with a customer's screening profile is identified in a relevant database, the system can trigger an email notification to alert the user to the potential compliance concern.

The notification allows the user to access the relevant screening information and conduct the necessary review in accordance with the organisation's internal policies and applicable compliance requirements.