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Streamlining AML compliance with the help of digital KYC solutions

Digital KYC solutions enable obliged entities to automate KYC verification and streamline AML compliance. Using digital KYC software helps companies to save time, reduce costs, and provide a more convenient experience to their customers.

What processes can you automate with a digital KYC solution?

Digital KYC software is used to automate the following processes:

  • Identification and verification of customers and beneficial owners.
  • PEP and sanctions checks.
  • Monitoring of transactions and business relationships.
  • Reporting of suspicious transactions.

What are the benefits of digital KYC?

As more and more companies are embracing digital transformation, digital KYC solutions are becoming increasingly popular. Here are a few of the benefits of digital KYC:

  • Efficiency: Traditional KYC processes are tedious and time-consuming. By using a digital KYC solution, your employees can reduce the time spent on ensuring regulatory compliance and focus on the activities that bring the most value to the business instead.
  • Security: Many companies still collect identity documents from their customers via insecure channels, such as email. This is a very unsafe practice since a malicious third party might hack the email account and gain access to the documents. Secure digital KYC tools encrypt these documents so that only authorized people can access them.
  • Convenience: Digital KYC software makes the KYC process easier for your employees and customers. Your employees can easily send verification requests to customers, and beneficial owners and customers can upload the documents from anywhere and from any device. All customer data can easily be accessed and retrieved directly from the platform.
  • Cost savings: Digital KYC solutions help businesses to reduce the costs associated with manual KYC processes and document storage.
  • Data security: Digital KYC solutions use encryption to ensure that the data transmitted via the system as well as the data stored in the system, can only be accessed by authorized persons.

How can Penneo KYC help you simplify AML compliance?

Penneo KYC is a digital KYC solution that helps companies meet their AML obligations in an easy and secure way. Here are the features that make Penneo KYC one of the best AML compliance solutions in the EU:

  • Automatic retrieval of client information: You can simply type the name of your customer in the search bar and the system will automatically retrieve the necessary information about the client and its beneficial owners from official business registers.
  • PEP & sanction screening: Penneo KYC screens your clients against PEP and sanctions lists on a daily basis. If a client’s status changes, the system will notify you so you can update the risk assessment.
  • Collection of Identity documents: Penneo KYC allows you to select the identity documents you need from the customer and send them the request in no time. The client can then upload the required documents directly to Penneo KYC from their device of choice.
  • Guided risk assessments: Conducting the customer risk assessment is faster with Penneo KYC. The system will ask you a series of questions to help you determine the risk of money laundering/terrorist financing associated with each customer. The system also provides guidance on carrying out customer risk assessments in compliance with national AML legislation.
  • End-to-end encryption: All documents sent via Penneo KYC and stored in the system are end-to-end encrypted. This protects the personal data of your clients from falling into the wrong hands.
  • Integrations with ERP: Penneo KYC integrates with popular ERP software, so you can say goodbye to manual data entry. Our integrations allow you to transfer data between platforms with just a few clicks.
  • Reporting of suspicions: You can report suspicions of money laundering or terrorist financing to the national authorities directly from the system. 
  • One centralized database: Store all KYC documents and information in a single location. In case of an inspection, this will make it much easier for you to access and retrieve the KYC data associated with each customer, and demonstrate compliance.

This article is brought to you  by Penneneo KYC

Penneo KYC is currently available in Norway and Denmark, but will also be released in Sweden by the end of 2022.

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