With CAM Industry & Trade you can use the compliance check to manage a multi-level KYC process. You can thereby be sure of meeting your compliance requirements and actively preventing fraud.
In order to adhere to internal and external compliance requirements and to avoid the threat of defaults on payments through business crime it is necessary to implement know your customer (KYC) processes in your credit management. These ensure that existing and future contractual partners are screened according to particular criteria. These include, for example, the clear identification of financial beneficiaries and politically exposed persons (so-called PEPs). It is also necessary to compare the person and company data with various sanctions lists. For existing business relationships these checks must be carried out continually.
The bureaucratic workload associated with carrying out compliance checks through KYC processes cannot be coped with manually and this would also be a potential source of errors. The use of credit management software is essential as this is the only way in which KYC processes can be performed efficiently.
CAM Industry & Trade supports your credit management through a multi-level KYC process. The clear identification of all contractual and business partners is followed by the verification of this information and the determination of financial beneficiaries. After this, the available information is compared with various lists. All of the steps in this process can be carried out fully automatically using a range of information agency interfaces and the resulting data can then be monitored and updated continuously. The KYC score determined in the software lets you know which level of risk a (potential) business partner may have within the framework of the business relationship.
The following lists are checked in the KYC process:
Politically exposed persons (PEPs)
Combating the financing of terrorism (CFT)
Efficient and effective KYC processes
Reduction of risks and costs
Convenient, comprehensive checking and monitoring of your new and existing customers
Transparent historization and documentation of all processes
Find out more here about the KYC process in credit management with CAM Industry & Trade.