AML/KYC Solutions for Client On-Boarding and Verification

By actively engaging multiple nationally and internationally regulated financial institutions, ESC continues to broaden its corporate due diligence core competency. That means ESC can assist financial institutions with extensive solutions to compliance challenges related to Anti-Money Laundering (AML) compliance and Know your Client (KYC) requirements. ESC’s AML solutions and comprehensive KYC services fit both small business and enterprise-level needs – ESC can adapt our service implementations to your organization.

Whether you are looking for standard Corporate Profile Reports, ad hoc copies of chartered documents, or a enterprise-wide implementation of ESC’s Customer On-boarding Verification Reporting (COVR) services, ESC’s expertise and proven solutions to client requirements can enable your business too.

ESC’s Anti Money Laundering and Know Your Client solutions:

  • Customer On-Boarding Verification Report (COVR)
  • Credit Due Diligence
  • FATCA
  • KYC for Legal Professionals
  • Corporate and Security Search Services

Customer On-Boarding Verification Report (COVR)

A Consistent Standard for Client Identification and Verification Across Your Organization

Are you struggling with on-boarding your clients quickly and consistently while remaining compliant with Canadian and US AML (Anti-Money-Laundering) regulations? Are you concerned about accurate and consistent internal processing of due diligence requirements and the documentation of the client’s identity? ESC’s Customer On-boarding Verification Report (COVR) provides financial institutions and other regulated entities the ability to verify, retrieve and store corporate and business client information. ESC’s COVR report can be customized to your organization’s specifications and ensures that your client on-boarding procedures meet regulatory requirements.

Third-party public records verification: the key to an effective client due diligence program.

The ESC COVR report delivers efficiency to your client verification process. Your staff will be able to quickly verify public record information about your clients using the COVR report’s standard formatting. In addition, ESC provides seamless recording of client updates to provincial and national registries. These two significant advantages help satisfy your obligations of client identification and verification by streamlining internal workflows. Whether you are regulated by OFSI, IIROC, or need to report to FINTRAC, ESC’s COVR solution delivers real-time client identification and verification with ease.

COVR Key Benefits

  • Enhance enterprise on-boarding due diligence practices across multiple lines of business
  • Improve efficiency with immediate access to client information completed during the on-boarding processes
  • Minimize risk by using third party public record verification to ascertain client information
  • Increase productivity by reducing manual documentation review
  • Proactively identify potentially fraudulent client information at the beginning of a client relationship
  • Easily manage and monitor changes to client information after initial on-boarding

With ESC’s COVR solution you can:

  • Validate the existence and status of corporations, business names and trademarks across Canada
  • Verify clients nationwide and get supporting government documents within seconds at on-boarding
  • Enhance compliance programs through auditable tracking and billing features for all due diligence activities
  • Centralize your repository of client records
  • Export all data elements as XML or in various other flat file formats
  • Integrate ESC’s COVR solution into your account opening process using SSO or XML web services

Customize Your Solution

  • Over 20 data elements to build your custom compliance report
  • Select types of entities to validate and which jurisdictions to search
  • Add other ESC services for secondary proof of client existence

Subscribe to ESC AML/KYC Solutions and Save Money

  • Optimize the use of reports by allowing accessibility across the enterprise ensuring data retrieval is used cost effectively by reducing the duplication of Client Identification and Verification across business units and product lines
  • High volume retrieval engines automate the process of retrieving and reading registered client data from 13 different government jurisdictions electronically
  • Using ESC’s systems that access government repositories directly, the COVR solution simplifies the amount of time spent retrieving, reviewing and structuring data consistently in a standard format regardless of entity type or location
  • Effectively provide the necessary and fundamental information for verifying businesses across the Canada and internationally to front line staff

Client Due Diligence and Enhanced Verification

Client due diligence requires accurate client identification, verification, and confirmation of existence together with a collection of related information registered by the entity. Sourcing this information from a credible public database is not only efficient but also removes the cumbersome process of obtaining some of this information directly from your client. ESC can provide solutions either in a report format (COVR) or as stand-alone search offerings to assist you in your due diligence processes.

All ESC services can provide validation and information on the following types of entities:

  • For-Profit Corporations
  • Non-Profit Corporations
  • Condominium Corporations
  • Societies
  • Associations
  • Sole proprietorship’s
  • Partnerships
  • First Nations
  • Private Schools
  • More…

What Information is Available?

  • Business Legal Name
  • Status
  • Mailing Address
  • Incorporation/Registration Number of Entity
  • Business Number recorded with CRA
  • Directors Names and Addresses
  • Officers Names and Addresses
  • Shareholder Information
  • Owner Percentage
  • Former Names
  • Last Filing of the Corporation
  • Business Activity

ESC’s Additional Services:

  • Copies of Articles of Incorporation
  • Copy of a Business Name Registration
  • Corporate Profile Report
  • Certificate of Status
  • Existence Searches
  • PPSA Searches and Registrations
  • Bankruptcy Searches
  • Litigation Searches
  • Writs of Execution Searches
  • International Entity Searches
  • More…

For a detailed presentation on how ESC can support your credit-granting due diligence requirements contact Clare Fishwick at 416-204-3201 / [email protected]