How does MCaaS help its customers to efficiently perform and complete their due diligence requirements?
Drawing on years of experience in conducting due diligence and sanctions screening, MCaaS closely adheres to best practices for financial crime prevention and compliance requirements in the maritime industry and its related industries.
To ensure a successful compliance program, we place particular emphasis on implementing robust KYC (Know Your Counterparty), KYCC (Know Your Counterparty’s Counterparty), and, importantly, KYD (Know Your Data) processes in accordance with guidance from regulatory bodies such as FinCEN, the Wolfsberg Group, and FATF.
By subscribing to MCaaS’ services, our customers can focus on their vital tasks while we take care of due diligence processes rooted in the proper identification of Entities, such as Organizations, Corporate Officers, Vessels, and Cargo.
Our extensive data collection and governance processes ensure that we collect, identify, de-duplicate, and validate counterparties and their underlying ownership and relationship levels, with all relationships and documents safely stored and governed by data privacy and protection laws.
Our screening processes cover:
Sanctions screening;
PEP checks;
AML, ABC, and Adverse Media checks;
With false positive review conducted in accordance with a risk-based approach.
We present the final risk assessment to our customers through reporting tiers ranging from Baseline Due Diligence, Enhanced Due Diligence, and Enhanced Due Diligence Plus, to Customized Enhanced Due Diligence reporting on third parties, vessels, cargo, and associated locations such as countries and ports of loading and discharge.