Incline Village, NV, November 14, 2017 --(PR.com
)-- NominoData has announced a release of an updated version of One Click Compliance with new designs for enabling financial institutions who are struggling to meet the upcoming challenges of the new CDD rule.
Al Macdonald, founder and CEO of NominoData states, "The changes include comprehensive data access to corporate beneficial information as well as information about individuals and entities including but not limited to Negative News, Sanctions and PEPS. The solution requires no technology integration and is a perfect solution for small, medium or large due diligence teams to conduct CDD rule compliance."
The CDD Rule outlines explicit customer due diligence requirements and imposes a new requirement for financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
Robert A.Goldfinger, President of NominoData commented, "FinCEN guidance in their rule Q and A defines who is the beneficial owner is." The Rule defines beneficial owner as each of the following: each individual, if any, who, directly or indirectly, owns 25% or more of the equity interests of a legal entity customer (i.e., the ownership prong); and a single individual with significant responsibility to control, manage, or direct a legal entity customer, including an executive officer or senior manager (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer); or any other individual who regularly performs similar functions (i.e., the control prong)."
One Click Compliance provides this beneficial information in combination with key and specific Negative News, Sanctions and PEP data pertaining to the individual or entity. Easy to use and reasonably priced, One Click Compliance can be deployed in less than one hour. If a financial institution has one user or if an enterprise license is needed, this solution is the tool that the industry has been waiting for. Training is provided by a CAMS certified instructor. For a free no obligation demonstration of One Click Compliance please contact firstname.lastname@example.org.