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KYC software for your credit risk management

Automate KYC checks. Get customers onboard quickly and securely.

KYC

Who is your business partner?

Be on the safe side! With our software solution CAM you can quickly find out with whom you are starting to do business. Through a multi-level, transparent KYC process you are guaranteed to comply with due diligence requirements. Without KYC checks, companies, banks, financial service providers and insurance companies are threatened not only with severe sanctions and financial losses, but also with irreparable damage to their image and loss of trust.

Money laundering, financing of terrorism, export controls, corruption – with our KYC software you can avoid being associated negatively with any of these problems.

What is KYC (Know Your Customer)?

KYC (Know Your Customer) is a risk management method for the assessment of business partners and investments with the aim of protecting your own company from fraud and criminal activities. It is all about being able to determine with certainty who your prospective business partner is and whether they comply with the regulations.

The laws that form the basis of the KYC principle vary widely between countries. At EU level the fifth EU Anti-Money-Laundering Directive applies, which since 2008 (at that time the third EU Anti-Money-Laundering Directive) has been put into practice in Germany by the Money-Laundering Act (GwG). The directive requires that companies and financial and insurance institutes subject their customers to KYC checks. In addition to significant sanctions and financial losses, there is a risk of irreparable damage to image and trust, which can be avoided using KYC checks.

The aim is to clearly identify and legitimate the customer in order to prevent money-laundering, corruption and the financing of terrorism.

What is compliance?

Compliance describes the conformity of a company and its employees with current laws, regulations and company-internal, voluntary guidelines. In order to meet these requirements, companies must develop processes, structures and responsibilities. The total of these measures is described as compliance management.

In banking and financial services as well as the insurance sector some of these legal guidelines fall under the category of regulatory requirements. In Germany these include, for example, the minimum requirements for risk management (MaRisk) and the Money-Laundering Act (GwG). These result in clearly defined requirements, which companies in the named sectors are obliged to fulfil.

The "know-your-customer principle" results from the GwG, thereby constituting a part of compliance management.


Why do companies need KYC software?

The requirements of the EU Anti-Money-Laundering Directive and the GwG are strict and are continually increased. The resulting complexity and the administrative effort necessary to fulfil all of the requirements are enormous. The bureaucratic effort involved in conducting KYC checks cannot be accomplished manually. It is also potentially susceptible to errors. With general resources such as Excel it can only be realized with a lot of effort and high costs.

For customer onboarding it is also essential that KYC checks are performed quickly and securely. If the checking processes, including creditworthiness assessment, take too long, delaying the completion of the deal, the prospective customer might already have gone elsewhere.

Product information

Automating KYC processes

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This is how our Know Your Customer software helps you:

  • Auditing acceptability: Companies must be able to transparently and comprehensibly demonstrate that they have carried out KYC checks. The results must be documented.
  • Automation: Checks continually become more complex and difficult. Automation saves your resources enormously and minimizes errors.
  • Questions of liability: As the person responsible for compliance you are personally liable if checks are not carried out properly. Software for KYC processes makes sure that this does not happen.
  • Financial risk: With a KYC software solution you minimize the damage that could be caused to your company through corruption, money-laundering and the financing of terrorism.
  • Reputation risk: You avoid damage to your image and loss of trust.
KYC compliance EN

What is investigated in the KYC process?

A KYC check in CAM passes through multiple levels of a process that build on each other. The clear identification of all the contractual and business partners is followed by the verification of this information as well as the determination of financial beneficiaries and the uncovering of participation structures. Finally, a comparison is made with sanctions and PEP lists (politically exposed persons) to eliminate risks. The information is then continuously monitored and updated.

In CAM, all the stages of the checks can be documented to provide proof.


There's more!

When you use CAM as a master data management system, you benefit from even more efficiency in the identification of business partners.

Learn more about the advantages of Master Data Management in CAM.

Benefits of the KYC software CAM

  • Efficient and effective KYC processes
  • KYC and creditworthiness checks in one software system, providing multiple use of existing interfaces
  • Reduction of risks and costs
  • Comfortable, complete checking and monitoring of your new and existing customers
  • Pro-active, task-based notifications of relevant changes
  • Auditing acceptability through transparent historization and documentation of all procedures
  • Seamless integration into your system landscape possible
  • Joint reporting

This makes our KYC software so special

Our broad data basis

Our numerous API interfaces to external information services (including Refinitiv World-Check and D&B) are especially helpful for determining the financial beneficiaries. PEP lists, for example, are regularly updated from external sources and checked in CAM.

How we deal with data matches

What should you do when, for example, a PEP match is discovered in the KYC process? Is the prospective customer dropped immediately? Should there be a manual follow-up check? You decide – and we realize the process for you in CAM, individually and flexibly.

Monitoring

Companies in certain sectors must regularly repeat compliance checks and also provide proof that they have done this. With CAM this enormous manual workload is minimized through automated monitoring. And only when it is really necessary.

Advice from our expert team

We have already introduced many KYC checking processes successfully and correctly for our customers. Our team has a great deal of expertise and advisory competence that benefits our customers.

The following lists are verified in the KYC process

  • Politically exposed persons (PEPs)
  • Anti-money-laundering (AML)
  • Combating the financing of terrorism (CFT)

Contact us!

Transform your KYC audit processes and compliance! We will be happy to advise you.


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