CRIFBÜRGEL launches KYC MORE: AML compliant onboarding of corporate clients digitally and efficiently

The information service provider CRIFBÜRGEL and the AFC specialist CURENTIS have launched KYC MORE, an innovative as-a-service platform as a solution for automated KYC processes. With KYC MORE, financial service providers can significantly accelerate the KYC process while reducing their costs. Weeks of waiting for the result of the KYC check are now a thing of the past - because with KYC MORE, a finished report can often be delivered in seconds. The first customers have already opted for KYC MORE.

Companies that open a bank account are often dissatisfied because the application process at many financial institutions takes an extremely long time and there are more and more interruptions in processing due to queries or missing documents. These processes no longer seem up-to-date. "We keep hearing about cases where the KYC process for customer identification took longer than a quarter of a year. In the case of loan applications, the duration of such processes can be decisive for the company's development," explains Dr. Frank Schlein, Managing Director at CRIFBÜRGEL.

Corporate treasurers and financial managers today expect to be able to handle the entire account opening process online and quickly.
From a bank's point of view, this expectation often represents a great challenge. The legal requirements from the Money Laundering Act are high. In particular, the determination of the ownership structure, often across many company levels, very different forms of company and with international participants, is extremely difficult and time-consuming in banking practice. A great deal of information is required to determine the beneficial owner (in technical jargon, the UBO, Ultimate Beneficial Owner).

The banks want to meet the expectations and digitalize their offer, yet their hands are usually tied by the legislator and strict guidelines. With KYC More, CRIFBÜRGEL provides financial institutions with an innovative platform that enables the digitization of the KYC process in compliance with the AML.

Data on 200 million companies - at the push of a button

This is remedied by solutions for automation and compliance, such as KYC MORE from CRIFBÜRGEL. As one of the leading information service providers in Germany, CRIFBÜRGEL supports banks in particular with information on ownership and control structures of corporate customers and in the associated determination of the beneficial owner. The determination is fully automated. For more complex corporate networks, KYC specialists are used to assist in the processing. Information and documents from both national and international registers are integrated. In addition, the national and international transparency register is also used to determine the beneficial owner.  By checking the entities and the acting persons against sanction and PEP lists, the prevention against terrorist financing and money laundering is completed.

Currently CRIFBÜRGEL can provide information on over 200 million companies from 230 countries and regions worldwide. This global data access is an absolutely unique selling point of KYC-More. In addition, creditworthiness relevant information on 62 million private individuals in Germany is also available. This means that a large proportion of all inquiries from banks can be answered immediately.

"Banks have to examine every customer with whom they enter into a business relationship in detail and provide proof of who it is, who is behind the company, who the persons involved are and what interrelationships exist," says Schlein. This should ensure that the origin of the assets is made transparent at all times and that no illegal funds are smuggled into the regular economic cycle. However, it is no easy task to present such ownership and control structures in their entirety: "Think of your favourite football club: its legal form may be that of a public limited company - that sounds simple. The only difference is that the main shareholder there is a registered club in addition to a few minority shareholders. And clubs can be organized as foundations or have several thousand members. How are banks supposed to ensure within seconds that this potential customer complies with the rules and that a transaction is legal? This is only possible with the appropriate solutions in conjunction with comprehensive data sources.

"As a partner for data driven business, we offer banks the opportunity to handle the entire KYC process through us. We check the identity and the submitted documents of corporate customers in real time, and the bank has our answer within a few seconds on average," says Managing Director Schlein. The partner banks benefit from short response times and user-friendly access that can be easily integrated with the structures of any bank, as well as from a special depth of data. 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. Thereby parts of the information are generated by hybrid services, i.e. a combination of manual research and automatic systems. Some process steps, such as queries of the transparency register, are only possible manually because the transparency register does not offer an interface. If manual processing is necessary, it is carried out by qualified specialists from CRIFBÜRGEL.

Cooperation with CURENTIS optimizes KYC process

With the product launch of KYC MORE, the cooperation between CRIFBÜRGEL and CURENTIS will be even more intensive. CRIFBÜRGEL and CURENTIS AG have entered into a strategic partnership, on the basis of which CURENTIS brings the experience from many KYC projects directly into the solution. In this way, the quality and efficiency of KYC processes could be further increased. Together, CRIFBÜRGEL and CURENTIS set new standards in the fight against money laundering. The consulting company CURENTIS is a specialist for banking regulatory reporting, anti-financial crime and IT compliance and complements the comprehensive services for customer identification provided by CRIFBÜRGEL in the area of special and exceptional cases of corporate customer onboarding.

"CURENTIS will support us in the future so that together we will be able to process inquiries on highly complex special cases with similar speed and efficiency. CURENTIS is an expert in the consulting of KYC processes and we contribute further know-how to the software. This is an ideal cooperation", says CRIFBÜRGEL managing director Frank Schlein.

KYC MORE - Another innovative solution for B2B companies

With KYC MORE as well as the creditworthiness and fraud checking solutions and open banking services, CRIFBÜRGEL offers a wide range of innovative products and services from a single source to support B2B companies in particular. Further accompanying product developments are planned and by means of additional partnerships CRIFBÜRGEL continuously optimizes the data quality and depth in the area of Business Credit Information.

As the only provider on the German market for integrated identity, credit risk and fraud management, CRIFBÜRGEL can refer to a strong B2B2C data universe that is supplemented by services such as advanced analytics and transformation services, thus offering unique added value for customers.



Publisher:  CRIF Bürgel GmbH, Friesenweg 4, 22763 Hamburg,,


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