Beaufort - Know Your Customer

Know Your Customer (KYC) is a full-fledged system for checking customer relationships (AML/KYC) on onboarding and on an ongoing basis. KYC is an advanced, but user-friendly tool for fulfilling the obligations arising from the Money Laundering Act. KYC is cloud-based (SaaS) and can be used without integration. KDK simplifies and streamlines the implementation of AML work for the reporting entities that use KYC (User), and also facilitates the process for their customers (End Customer).

When logging into the system, the following parts of the User's statutory customer control are carried out in accordance with the rules of the Money Laundering Act:

1. Real rights holders at the End Customer are identified electronically, using an in-house developed algorithm that "digs" its way backwards in the chain of ownership.

2. Electronic investigation ("screening") of whether the End Customer or role holders/right holders in the End Customer can be found in international sanctions and PEP lists. The natural person(s) who must sign on behalf of the client is identified with an electronic Bank ID (non-electronic solution for foreign End Customers)

3. KYC provides automatic guidance on certain risk factors - such as e.g. whether the End User belongs to a risk industry (as defined in guiding authoritative sources).

4. An electronic questionnaire (KYC) is sent to the End Customer who answers the questions required in accordance with the Money Laundering Act. The response form is then sent back to the User, and the User makes his risk assessment of the customer/assignment in KDK on the basis of the information obtained.

5. Upon completion of most customer checks, the process for the End Customer will end here and the customer relationship can be created or submitted for approval by the superior. If a discrepancy occurs, such as a hit on a PEP list, Know Your Customer offers a procedure to process the discrepancy.

6. Uploading of documents – e.g. ID from foreign customers, powers of attorney, etc.

7. Function for onboarding foreign customers

8. E-signing (Q1)

9. The system documents the customer control, and the documentation can be exported to PDF file(s) for quality control, compliance, internal audit and/or supervision.

10. KYC is organized for ongoing customer control for customer relationships at high risk, and the customer is notified of changes to the customer.