KYC application

1. More and more companies must do their due diligence when onboarding a new client. These companies are banks, insurance companies, but also smaller companies Screening pep api like FinTechs, but also Chartered- accountants, law firms, insurance broker, tax advisors, real estate agents, and so on. The anti-money laundering they must do are: 1 - know your customer: they must know the person they will onboard as a client. If this is a natural person, they must provide information about themselves, an identity document, proof of address, and explain where their money comes from. If this is a legal entity, they must provide many information but specifically who is the ultimate beneficial owners of the legal persons. 2 – The company subject to these obligations must screen their prospect in some free or paid databases to know if they are politically exposed (their prospect has a political mandate, or they are family, close friends or business partners of someone who is politically exposed). They also must verify if their prospect is on a sanction list. 3 – Once the client has been onboarded, the company must monitor its client to be sure that the information provided do not change during the time of the business relationship. Therefore, constant verification in databases are important and review must be done regularly following the level of risk of anti-money laundering. 4 – The company must calculate the level of risk of anti-money laundering. There are few criteria to take into consideration to calculate this risk. There are criteria about the person, the product and the country. That seems simple when explained like this but when you add the collection of multiple information, reporting, quarterly reviews, etc. Small and middle-sized companies can get very confused with the challenge it is. Therefore, some well-tough cloud application like Ibakus have been developed. It facilitates the onboarding of new clients and automatized multiple tasks. It also bring API technology to facilitate digital onboarding with a serie of API for the screening of PEP and sanctioned, adverse media, the verification of ID documents and facematching.