Use case
Streamline your KYC process
With Roaring’s API integrations or user-friendly web application you can collect, verify and monitor customer data – to make sure that you comply with legal requirements.
Introduction
The KYC process in short
As authorities tighten the grip on money laundering and terrorist financing, legal compliance requirements have increased. One of them is obtaining, documenting and assessing customer data, a process referred to as KYC or Know Your Customer. Industries forced to comply include banks and financial institutions, as well as companies within auditing and accounting, gambling, insurance, legal and real estate.
The screenings require collection of data from different lists and registers, such as sanctions lists, PEP (politically exposed person) information and beneficial owner data.
Streamline KYC onboarding with automation
Automating your KYC onboarding process brings efficiency, accuracy, and security to a critical part of your compliance strategy. With automated KYC, you can reduce manual data entry and the risk of human error, ensuring that client data is accurate and up to date from the start. This seamless onboarding experience improves client satisfaction and speeds up the approval process, allowing your business to onboard customers faster and with greater confidence.
Automated KYC also enhances compliance by standardising document verification and identity checks, helping your organisation meet regulatory requirements effortlessly. With secure data handling and streamlined workflows, automation not only reduces costs but also frees up valuable time for your team to focus on high-value tasks. Empower your business with a modern, efficient onboarding solution that makes compliance easy and keeps your customers engaged from day one.
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"Our prospects can now sign up and become customers, 100% digitally without any physical forms or snail mail."
Carl Lönndahl, Nordnet
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"We can now collect all the information we require behind the scenes, enabling controls and risk analysis based on real-time customer data."
Amalia Lundin, PE Accounting
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"Going from a manual process into full automation using data has improved the customer experience significantly."
Jenny Sjövall, SPP
Screenings and checks mandatory in a KYC process
Regardless of what industry your company is in, who the customer is and what your business does, some checks are musts to complete and document. They include:
Customer identification.
Customer tax domicile.
The nature and purpose of your business relationship with the customer.
Checking company representative's PEP (and RCA) status.
Checking company representative's sanctions lists status.
Checking the beneficial owners of the company.
Checking the structure of company activities to find out if they are of such a complex nature that one can suspect risk of money laundering or terrorist financing.
PEP – politically exposed person
The Money Laundering Act requires that you must check whether a customer or potential customer is a so-called politically exposed person, also called PEP. The persons classified as PEP are either a person in a politically exposed position, alternatively a close relative or close employee of a person with a high position within the state, state-owned companies or international organizations. Relatives or close associates are often referred to as RCA (Relatives and Close Associates). PEP is usually checked in relation to the company's representatives, such as board members and beneficial owners.
Sanctions
Among other things, the EU, the UN and OFAC provide sanctions lists where people or organisations are listed that are associated with money laundering, terrorist financing, corruption and/or terrorism. Initiating a business relationship with individuals or organizations listed in a sanctions list is strictly prohibited. Furthermore, you must always report to the police if you are contacted by someone on a sanction list.
Identity
The requirement to identify the customer means that the company must ask about the customer's name and other information that may be relevant, in order to then check this through some form of identity document. Examples could be a driver's license, a passport or another form of ID document. In some cases, a check of eligibility as a signatory may also be relevant to check before a customer relationship is initiated, to ensure that an agreement is entered into with the right person.
Beneficial owners
Collecting information on a company's beneficial owners is another key factor when it comes to the KYC process. A beneficial owner is a person who ultimately own or control a legal person (e.g. a company). A beneficial owner is always an individual person who is registered, in Sweden for example, with the proper authorities. When initiating a business relationship with a company or organization, you need to find out who owns or has a decision-making mandate of more than 25%. Exempted from the requirement to register beneficial owners include state or municipal activities, companies that are listed on a regulated market and individual companies.
Alternative beneficial owners
An alternative beneficial owner is someone who owns or controls a company, association or other type of legal entity (but not to the extent required to be declared a beneficial owner) or someone who controls the company through board membership. If a person owns less than 25%, the person is considered an alternative beneficial owner.
Tax domicile
Tax domicile refers to the country where you live permanently, pay tax and declare your income; usually where you live or work. However, the tax domicile is not necessarily the same as the place where you are registered.
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