Landing Page
AML KYC
Comply with anti-money laundering laws, screen high-risk individuals and transactions. Detect money laundering.
KYC
Financial Institutions/FinTech
KfW & ACTICO
Automated KYC and onboarding accelerate customer profiling and compliance
Development & Export Finance | KYC | Europe
Lean Compliance
More Efficiency with Automation
At KfW, the KYC process was decentralized. This meant that the onboarding process, in-house coordination, procurement of documents, and evaluations took a lot of time. KfW wanted to digitally transform its compliance processes to create more transparency for auditing and to streamline processes.
Challenge
The target was to create a compliance database with defined processes for customer profiling with traceability, and a high degree of automation.
Objectives
- Automate customer data checks (KYC)
- Accelerate customer profiling and risk assessment
- Automate for lean compliance management
Solution
After the evaluation phase, KfW opted for a central application – ACTICO Compliance Suite. The functionalities enabled the automated processing of all compliance-relevant issues, such as sanctions lists checking, financial transactions monitoring, anti-money laundering. The new compliance environment enables KfW Group to achieve more efficient KYC and onboarding processes for banking customers. Key outcome of the exercise include:
- Automated lead process
- Digitalized workflows
- Ad-hoc reporting for audit / compliance
- Continuous risk measurement
Impact
KfW has 4.5 million active customers and over 4,000 products in use worldwide. The entire client onboarding department consists of only eight people making the KYC checks process very lean in terms of efficiency.
About our customer
KfW, formerly KfW Bankengruppe (banking group), is a German state-owned development bank based in Frankfurt. It is Germany’s third largest bank by balance sheet.
You may also be interested in:
Blog
Why Machine Learning Brings up to 57 Percent Savings in the Kyc Process
What effects machine learning has on the KYC process and how banks and insurance companies can save up to 57 percent of the clarifications.
KYC
Financial Institutions/FinTech
Case
KfW & ACTICO
Accelerate customer profiling and onboarding with ACTICO’s centralized compliance software. Result: Automate KYC and onboarding and make compliance more efficient.
KYC
Development & Export Finance
EMEA