The secure identification of customers and business partners using Know Your Customer (KYC) checks is a central topic in the relationship between banks and corporates. These checks are based on the legal regulations for banks in combating money laundering and the financing of terrorism. Failure to comply with these regulations can result in severe fines being imposed. In order to fulfil this task, up-to-date information on their customers and the scope of their business activities is of central importance for banks. For corporates, the banks' growing need for information represents a major challenge, as the individual tasks need to ensure compliance are at present mostly not standardized, which results in significant costs and efforts.
With the KYC functionality of the Bank Relationship Management Suite for MultiCash®, you can manage all KYC-relevant information and documents of your company in one platform. The data is stored in encrypted form in a central KYC repository and changes are logged for internal and external auditing purposes. The tasks and transactions required for KYC audits, such as providing the tax identification number, the commercial register statement, or the account opening documents, can be created as templates and integrated into the various account management workflows. By consistently including KYC processes in your processing procedures, you also ensure that the necessary internal checks are carried out and that all changes are saved centrally.
Based on the templates, you can create workflows for the specific KYC requirements of different banks with little effort. This flexibility of the solution also takes into account the fact that the legal regulations for combating money laundering often differ from one country to another and also allow a certain amount of room for interpretation. This makes the MultiCash Bank Relationship Management suite particularly suitable for corporates that maintain accounts at different banks and/or in different countries.
A further advantage of the KYC solution for MultiCash is that all data can be provided to banks and KYC service providers electronically. Although only a few banks are currently able to receive this information digitally, the first institutions have already implemented this capability in pioneering projects.
Additional electronic interfaces to KYC service providers such as SWIFT, which recently started providing a digital KYC register for corporates, will be implemented in the MultiCash solution as and when needed. Corporates using this service would then have the option of reconciling their KYC-relevant data between the MultiCash repository and the SWIFT register and granting bank partners access to this information.
To find out how E.ON SE has used the MultiCash Bank Relationship Suite to open the first fully digital and KYC-compliant account in Europe, read the news "E.ON digitizes KYC processes". Please also refer to our case study on this project, which you can request on our homepage, using the entry for E.ON SE under Corporate References.