Smooth KYC process in Roaring’s web app for Knyta
Roaring's web app has helped Knyta's accounting, HR, and payroll consultants reduce the time spent on KYC processes by 50%. Previously, Knyta had to use multiple tools and manually piece together information for comprehensive reports and risk assessments. By adopting Roaring's web application, they streamlined data retrieval and verification, improving process efficiency and data quality. This standardized approach ensures minimal money laundering risks, enhances Knyta's effectiveness, and supports long-term sustainable client relationships.
Axel Schulz, Accountant at Knyta
Challenge
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.
Solution
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.
Gathering everything needed in one place, enables Knyta to create a process standard, as well as ensuring that their customer relationships are solid in terms of avoiding risk. In turn, this improves efficiency and process comfort.
– One of our main goals at Knyta is to form long-term, sustainable business relationships. By having a smooth and secure tool like the web app, we can continuously ensure that our customers are a good fit in terms of that goal.”
– By using Roarings services we’ve also created a standardized KYC process, which is great as it improves the process comfort and quality. Axel concludes.
Knyta is a digital accounting firm that offers personal service, financial advice and comprehensive accounting and payroll expertise.
With a focus on your company's business, they tie up all the administrative loose ends and make sure the right figures are reported to the authorities in a timely manner. They also offer a personal accounting and payroll consultant to help you with all your financial needs.
