CRIFBÜRGEL launches KYC MORE: AML compliant onboarding of corporate clients digitally and efficiently

The information service provider CRIFBÜRGEL and the AFC specialist CURENTIS have launched KYC MORE, an innovative as-a-service platform as a solution for automated KYC processes. With KYC MORE, financial service providers can significantly accelerate the KYC process while reducing their costs. Weeks of waiting for the result of the KYC check are now a thing of the past - because with KYC MORE, a finished report can often be delivered in seconds. The first customers have already opted for KYC MORE.

Companies that open a bank account are often dissatisfied because the application process at many financial institutions takes an extremely long time and there are more and more interruptions in processing due to queries or missing documents. These processes no longer seem up-to-date. "We keep hearing about cases where the KYC process for customer identification took longer than a quarter of a year. In the case of loan applications, the duration of such processes can be decisive for the company's development," explains Dr. Frank Schlein, Managing Director at CRIFBÜRGEL.

Corporate treasurers and financial managers today expect to be able to handle the entire account opening process online and quickly.
From a bank's point of view, this expectation often represents a great challenge. The legal requirements from the Money Laundering Act are high. In particular, the determination of the ownership structure, often across many company levels, very different forms of company and with international participants, is extremely difficult and time-consuming in banking practice. A great deal of information is required to determine the beneficial owner (in technical jargon, the UBO, Ultimate Beneficial Owner).

The banks want to meet the expectations and digitalize their offer, yet their hands are usually tied by the legislator and strict guidelines. With KYC More, CRIFBÜRGEL provides financial institutions with an innovative platform that enables the digitization of the KYC process in compliance with the AML.

Read more on crifbuergel.de