Read our CEO Pål’s article on money laundering and the big problems many companies have with the law on LinkedIn! Here´s a bit of the article:
Fast, secure customer awareness processes are a matter of course in 2019. It is unreasonable that KYC (Know Your Customer) controls should be handled manually and take days or weeks to complete. The problems this causes are many:
- Companies lose money because of the manual resources required to make these controls, but also because the customer relationship cannot be started before all controls are completed.
- The customer feels poorly treated since they often have to wait a long time before they can become a customer of the company, but also because the questions that are asked often are sensitive.
- The KYC controls are poorly managed due to the uncertainty about how and what should be checked. This can lead to the business being used for money laundering or terrorist financing without the company’s knowledge.