Cooperation for a better KYC process and against money laundering: CRIFBÜRGEL cooperates with CURENTIS

CRIFBÜRGEL is cooperating with CURENTIS AG and intends to increase the quality of efficient KYC processes and set new standards in the prevention of money laundering together with CURENTIS. The consulting company is a specialist for bank regulatory reporting, financial crime prevention and IT compliance and complements CRIFBÜRGEL's comprehensive customer identification services in the area of special and exceptional cases of corporate customer onboarding

"It doesn't matter whether someone opens a new account, buys a property or a painting - according to the 5th EU Money Laundering Directive, his counterpart has to make sure that the money for this does not come from illegal sources and that the identity of the customer is verifiably documented", says Dr. Frank Schlein, managing director at CRIFBÜRGEL. The companies have to provide evidence for every new customer who it is, who is behind the company, who the persons acting are and what interrelationships exist. Real estate agents, art and precious metal dealers, but especially banks are legally obliged to do so in order to prevent money laundering and the financing of terrorism.

Compliance made easy

However, the verification process requires a high level of manual effort - especially when corporate customers are onboarding - and sometimes up to 250 individual pieces of data are required, as well as a large number of proofs of the company and its structure.

This costs time and money: "Know your customer is our keyword: as a partner for Data Driven Business, we offer the obligated parties the option of having the entire KYC process handled automatically by us. The identity and the submitted documents are checked by us in real time. On average, the result is returned within a few seconds," explains Schlein. "We call this 'KYC as a service'. CURENTIS will support us in the future, so that together we will be able to process requests for highly complex special cases similarly quickly and efficiently. CURENTIS is an expert in consulting for KYC processes and we contribute the software and further know-how. This is an ideal cooperation."

Ralf Penndorf, CEO of CURENTIS AG, adds: "We are very satisfied that with CRIFBÜRGEL we have found an international partner with an extensive B2B2C data universe and state-of-the-art systems. Together with CURENTIS' expertise in KYC processes, we can jointly offer a KYC-as-a-Service solution that is unique on the German market in terms of scalability, flexibility and efficiency. From many banking projects we know exactly that there is a very high potential for improving KYC processes in banks".

Company information at the click of a button

As one of the leading information service providers in Germany, CRIFBÜRGEL supports the obligated parties, especially the banks, in the complex KYC process - especially with information on ownership and control structures and in determining the beneficial owner among potential business partners. Data from national and international registers are taken into account, the entities identified are checked in the transparency register and compared with sanction, terror and PEP lists of politically exposed persons. Currently CRIFBÜRGEL can provide information on more than 200 million companies from 230 countries and regions worldwide, as well as creditworthiness relevant information on 62 million private individuals in Germany. By automating and linking the information from the CRIFBÜRGEL data universe with other data sources from national and international registers, it can be ensured that the information can be provided quickly and effectively. Parts of the information are generated by hybrid services, i.e. from a combination of manual research and automatic systems. Some process steps, such as queries of the transparency register, are still manually driven. If manual processing is necessary, it is carried out by CRIFBÜRGEL's experts.

About Curentis AG

CURENTIS AG is a product and consulting company for bank regulatory reporting and anti-financial crime/anti-money laundering. The product solutions set standards for digital processes that make credit assessment and the KYC process for financial service providers fast, efficient and secure.
 

 

Publisher:  CRIF Bürgel GmbH, Friesenweg 4, 22763 Hamburg, presse@crifbuergel.de, www.crifbuergel.de

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