Commercial information provider Dun & Bradstreet (D&B) has launched D&B Onboard, an online tool that aims to help companies deliver customer due diligence (CDD) requirements efficiently in one place, making it easier for companies to start financial transactions and enable businesses to bill customers more quickly while minimising regulatory and reputational risks.
The group commented that unprecedented levels of regulatory change mean that businesses face substantial challenges in verifying the authenticity of potential customers. The on-boarding process is becoming increasingly complicated and time consuming. Regulation requirements led by Europe and the EU, including the 3rd EU Money Laundering Directive, the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, demand rigorous screening and compliance from companies, adding a new layer of complexity to on-boarding of new customers. procedures, data consistency and reporting compliance and enables companies to start transacting
D&B Onboard enables companies to comply with legislation by providing additional data, insight and a unique and lasting ‘Entity Identifier’ (the D&B D-U-N-S Number) for new customers so they can be easily verified and authenticated. This new tool supports existing CDD procedures, data consistency and reporting compliance, enabling companies to start transacting with customers more quickly.
“The insight provided by the new D&B Onboard tool helps organisations navigate the continually changing regulatory environment, minimise reputational risk and increase efficiency,” said Corinne Saunders, president of the D&B Europe & Worldwide Network.
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