Digital onboarding and customer verification

With the adoption of the 5th EU Money Laundering Directive, financial institutions have committed to take appropriate actions for verification of their customers to combat money laundering and terrorist financing.

These so-called due diligence obligations, which are largely the responsibility of the compliance department, have a significant impact on the operating units of the companies.

Our KYC solution can be set up so that it is triggered during self-onboarding or if a transaction exceeds a specific amount of money.

It is also possible to manually input KYC data via batch files. Furthermore, when a customer executes a purchase with a credit card, the system can automatically check if this person (CC holder) is already in the KYC database. If not, an automatic KYC check will be requested.

In case that the client starts the KYC flow on a desktop device that has no camera, the client will be able to proceed with the verification via mobile device. This will happen through a verification link sent via SMS or email.

Verifying business entities and overarching ownership structure – also called Know Your Business (KYB) process – is an anti-money laundering compliance requirement, necessitating Enhanced Due Diligence (EDD).

This could be a slow and manual-intensive procedure for many organizations and their customers as additional information such as identifying the intended nature of the business relationship, the source of funds, and enhanced monitoring of the business relationship should be secured.

To support companies and their customers for seamless EDD, we have created our KYB module. The eKYB module uses instant real-time access to official commercial registers, shareholder information, company findings, annual and financial accounts in 90+ countries and jurisdictions.

• Company ID
• Registered Company Name
• Registration Number
• Company Status
• Registered Address
• Managing Directors
• Date of Incorporation
• Legal Form
• SIC/NACE.

Anti-money laundry is a key to meet compliance requirements in many countries. Our PEP & Sanction solution helps companies optimize their processes and speed the onboarding process by checking for politically exposed persons and sanction in world watchlists, e.g.:

• Global Sanction & Watchlist (OFAC, HTM, EU, UN, etc.)
• Domestic and international politically exposed persons lists
• Senior Political Figures lists

It unifies the best available international sanctions, Politically Exposed Persons (PEP), global watchlist and adverse media data into a single consumable package to help businesses apply a true risk-based approach. It uses the following levels of checks: