The KYC (Know Your Customer) and AML (Anti-Money Laundering) verification is currently a very complex and lengthy process that companies providing services to their clients have to undergo by law. The complete KYC / AML processing agenda is provided by selected employees. They communicate with clients, obtain information from them and then process and store these information in accordance with legal obligations through questionnaires. Employees therefore spend considerable amount of time by repeating activities and completing selected questionnaires.
KYC and AML process automation thus represents a revolutionary solution for companies, which can save costs associated with the manual execution of these processes. At BDO, we are developing a unique product (application) that will provide digital data processing within KYC / AML verification.
The KYC / AML solution aims to automate those parts of employees' activities that they perform repeatedly, frequently, and take up a considerable amount of time. Relieving repetitive activities will create the capacity to engage in other activities.
The target state presupposes the creation of an information system / application, which on the one hand ensures automated data collection from clients (individuals and legal entities) so that employees do not have to obtain this data, then verifies this data through selected databases in order to meet AML legal obligations and ensure the transformation and automation of uploading this data to the questionnaires and subsequently to the CRM system.