Customer knowledge - KYC
Control of Real Beneficiary, PEP and Sanction Lists.
When you who are covered by the Money Laundering Act want to register new customers, it is a requirement that you make a number of checks to get to know the customer usually called the KYC process (Know-Your-Customer). The controls are in place to prevent people associated with money laundering or terrorist financing from becoming customers. In addition, one should continuously have a risk-based approach to customers and introduce extra surveillance on companies and people in vulnerable positions.
Now, Roaring offers several APIs that together enable a digitization of the KYC process. Digitization means that customer registration goes much faster, which gives happier customers. At the same time, you save large sums on avoiding time-consuming manual routines.
Roaring supports the KYC process and has APIs to check the Real Beneficiary, if the customer is listed in the Sanction List or if the person is in a politically exposed position PEP (Politically Exposed Person).
Companies covered by the Money Laundering Act
Banks, Financing Operations, Fund Operations, Consumer Credit Services, Mortgage Credit Services, Real Estate Agents, Life Insurance Brokerage, Casino and Gaming Companies, Mortgage Banks, Accounting Agencies, Accountants, Tax Advisors, Lawyers and any other trade in goods in excess of 5000 Euro are covered by the Money Laundering Act.