Using KYC data to ensure sustainable business relations.
Reduction in time spent conducting AML screenings
The AML screening process has now been standardized.
Through the Roaring Web App, accounting, HR and payroll firm Knyta has been able to reduce their time spent working with KYC by 50%. This is how they did it.
Due to anti-money laundering regulations being extended a few years back to include accounting firms, Knyta went in search of a tool that could provide a simple way of conducting KYC screenings and create reports.
The primary use case was to screen prospects in a customer onboarding stage, as well as regular screens and yearly reviews. Previously Knyta had to use multiple tools, export the findings and puzzle the data from different sources into one report and assessment. The previous process required a lot of time and manual work for consultants.
“The KYC process used to require a lot of manual work in multiple tools and sources, everything from data collection in public records to external suppliers.” Says Axel Schulz, Accountant at Knyta.
“With that kind of data fragmentation, you end up spending more time ensuring compliance and gathering data, than you are providing great services to your customers. Obviously that’s not ideal.”
"Axel Schulz, Accountant at Knyta"
Since joining Roaring, the web app has helped Knyta reduce time spent conducting KYC screenings by 50%, while improving the process comfort through data quality assurance.
Now, the team can easily collect and verify data related to AML such as board members, beneficial owners, owner structure, PEP and sanctions.
“One of the things we loved was how easy it was to get started, and start using the clean interface of the web app. Having every piece of data we needed in one place, with the ability to create reports from the screening was also a huge benefit.”