Regulated industries can benefit from this combined identity proofing, compliance screening, and electronic signing into a single workflow, improving customer conversions.
Signicat, the Trusted Digital Identity™ company, today introduced an end-to-end solution that fully automates the digital customer onboarding process for companies subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By automating the KYC and AML compliance processes, organizations in heavily regulated industries, such as financial services, insurance, or real estate, can enjoy significant time savings while ensuring they are compliant with these strict regulations.
Signicat’s solution delivers AML and KYC compliance without sacrificing user experience. It leverages Signicat’s Digital Identity Platform, the World’s largest ecosystem of identity verification, trusted data sources and secure electronic signing for a paperless KYC / AML process for onboarding consumer or business customers via digital channels. The flexible solution integrates seamlessly with existing workflows, eliminating the need to manually process KYC/AML checks such as address verification, sanctions lists or Politically Exposed Persons (PEP) lists. The case of onboarding businesses, verifying Ultimate Beneficiary Owners (UBO) is part of the automated workflow .
KYC / AML remains challenge for digital onboarding
According to Signicat’s market research, The Battle to On-Board, 63% of European consumers reported having abandoned a financial services application in 2020. In many cases, the reason for this was cumbersome practices for identity verification. As a result, European financial institutions lose over €5 billion on customer acquisition each year.
“Digital onboarding is a balancing act between customer due diligence, cost and user experience. Consumers no longer accept semi-digital processes, but there are few bespoke solutions that cater for a fully digital onboarding process. With business onboarding, AML-compliant onboarding is even more complex as ownership structures can be complex and simply opening a bank account for a business is still often a manual task even in the most digitally mature markets such as the Nordics,” says Asger Hattel, Signicat CEO.
AML screening automation brings massive savings
Norway’s second largest residential real estate development and management company Usbl implemented automatic AML screening of chairmen of boards in the 1600 real estate companies they manage, bringing a total savings of 5000 hours each year.
“Signicat’s solution has enabled us to fully automate AML screening and the users are able to complete a self-declaration on any device, making it also very user friendly,” says James Bell Ocampo, IT Manager at Usbl.
Signicat's solution covers multiple markets in Europe
Signicat’s solution connects to a large range of trusted third-party sources in the Nordics, the Benelux and Germany, such as official company registries and automates verification of customer data. This improves the quality of AML compliance processes and brings significant time savings.
Verified electronic identities, eIDs, are commonplace in the Nordics and Benelux, can be used for verifying the identity of the user, as well as secure electronic signing, such as AML self-declaration.
The solution supports digitalization of KYC / AML processes in a single market or several countries, reducing the complexity of IT system landscape and maintenance.