Together for an optimal KYC process and against money laundering: KYC Spider cooperates with CURENTIS
KYC Spider AG is now cooperating with CURENTIS AG and can now offer customers consulting services on compliance and risk management topics in addition to digital, automatable compliance solutions. CURENTIS is a consulting company specializing in anti-money laundering ("AML") and anti-financial crime ("AFC") consulting in Switzerland, Germany and Luxembourg.
"In addition to sophisticated digital and automatable software solutions, our customers usually also require consulting support for digital transformation in the compliance area, compliance with anti-money laundering regulations, and setting up compliance processes and manuals. As a leading provider of a digital compliance SaaS platform, we focus primarily on software development, provision of data and information on risks, and customer documentation. We are therefore delighted to have CURENTIS, an experienced compliance consulting partner, at our side with immediate effect, with whom we can provide customers with fully comprehensive compliance services," said Bruno Kellenberger, CEO of KYC Spider AG. The introduction of an efficient, digital KYC/KYB process requires both software solutions that keep pace with the constantly growing regulatory requirements and a consulting service provider that can support the customer's digital transformation with experienced consultants. The consultants are familiar with both the legal and regulatory aspects as well as the comprehensive possibilities of the KYC Spider Toolbox and thus ensure that customers can implement the change to digital processes successfully, easily and efficiently with a positive business case.
New requirements due to the partial revision of the Swiss Money Laundering Act
The revision of the Anti-Money Laundering Act will come into force on January 1, 2023 and will affect the obligations in the context of verifying the identity of beneficial owners on the one hand and updating customer data on the other.
The focus should be on not only identifying the beneficial owner, but also verifying his or her identity. This includes questioning the information provided by the customer. Obligated persons should be in full knowledge of who the beneficial owner of their customer is without any doubt throughout the entire duration of the business relationship. Measures must be taken to check the plausibility of the information provided, using appropriate sources (e.g. knowledge from the customer profile, public information). Likewise, from January 1, 2023, money laundering obligated parties must regularly ensure that their customer data is up to date. It can therefore be assumed that Swiss money laundering obligated parties will have to significantly increase their personnel deployment for the plausibility check of the information on the beneficial owner in the future if they do not increasingly digitize and automate the information procurement process.
Ralf Penndorf, member of the Executive Board of CURENTIS AG, expects that the periodic auditing of customer data in particular will lead to a high level of effort. Ownership and control structures often change over time. "To effectively combat money laundering, these changes must be continuously tracked. This can only be ensured with good software solutions and efficient processes. We are therefore very pleased to have found an experienced, competent partner in KYC Spider, which has a more than convincing, digital solution for complying with money laundering regulations, as well as being able to digitize and automate the entire documentation of the customer relationship, enabling customers to gain a lot of time, thus saving resources and significantly reducing the complexity of compliance processes."
Important facts about the KYC Spider Toolbox
The KYC Spider Toolbox is modular and can be integrated seamlessly into the customer's own processes, apps and web browsers as a stand-alone version, via web access or fully automated via an API interface. The toolbox is FINMA and SRO compliant, certified and audited accordingly, and of course fully data protection and GDPR compliant.
By using the toolbox, the customer onboarding process is made easy, with high efficiency and at the same time in line with the regulatory requirements of the money laundering laws. For example, KYC Spider clients can also use the remote identification services (online and video) and the "onboarding chatbot" to find out the origin of funds, determine the structure of ultimate beneficial owners, and have the appropriate compliance forms automatically selected and generated. At the same time, the toolbox also enables the use of the in-depth due diligence tools (also called "Adverse Media Screening" or "EDD"), for example by screening digital media for AML and ESG (ESG stands for environmental, social and governance) risks.
About CURENTIS
CURENTIS AG is a product and consulting company for the compliance topics of anti-corporate crime as well as anti-money laundering. In the fight against money laundering, CURENTIS offers consulting services in the following areas:
- Know Your Customer / Know your Business Partner / Due Diligence
- Transaction Monitoring and Screen Listing
- Implementation of new regulatory requirements
- Process optimization and automation
- Risk analyses, controls, policies and reporting
For more information, visit www.curentis.com.
About KYC Spider
KYC Spider is a pioneer in the RegTech and ComplianceTech sector, providing comprehensive, digital risk management and compliance software solutions to optimize regulatory processes and documentation requirements in the financial services and fintech industries, as well as in all unregulated industries such as commodities trading, automotive or luxury goods, real estate, pharma and all other industries. The offering includes global checks for embargoes, sanctions, politically exposed persons ("PEPs"), country risks as well as for white-collar crime, comprehensive compliance documentation including form generation, adverse media screening, remote customer identifications (video and Autoident), electronic qualified signatures, blockchain analysis as well as many other compliance tools to preventively identify and avoid risks and document customer and business relationships. KYC Spider is thus one of the most secure, fastest and reliable KYC compliance platforms on the market. For more information, visit www.kyc.ch.
Company contact and publisher of the news:
KYC Spider AG
Gubelstrasse 11
6300 Zug
Contact Stephanie Bossart
+41 78 718 56 79, bossart@kyc.ch
Head of Corporate Development
CURENTIS AG
Feldbergstraße 59
61440 Oberursel, Germany
Contact: Ralf Penndorf
+49 6171 9559 810, ralf.penndorf@curentis.com
Board of Directors