Automating KYC and Onboarding Processes

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

Central Compliance Management

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

Digitalization of Regulatory Processes

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

Lean Compliance Management

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.