KYCnow Blog: Insights into AML & KYC
Always up-to-date news on KYC, KYCnow and money laundering prevention
Adverse Media Screening and its significance in the KYC process
Bad news for criminals: How can you tell if a customer is "good" or "bad"? This question plays a crucial role in the customer onboarding process of banks, insurance companies, and other entities obligated under money laundering laws. More on this...
Cash limit for the prevention of money laundering
The so-called cash limit is a recurring topic of discussion. In December 2023, representatives of the EU member states voted in favor of a cash limit of €10.000. Now the limit is set to be implemented: in January...
Client onboarding at the touch of a button – thanks to the KYCnow integration in KanzleiDrive
In the digital age, tax firms are constantly seeking innovative solutions to make their daily work more efficient and secure. Managing tax matters and the interaction between firms and their clients...
The 5 steps of sanctions list screening
What is sanctions list screening? Sanctions list screening has been a hot topic since the beginning of Russia's war against Ukraine. These so-called sanctions have been imposed for several decades as a means of combating legal violations.
Politically exposed persons in the context of money laundering prevention
Politically exposed persons (PEPs) – this term comes up frequently in the context of the KYC process. But what exactly does this term mean, what role do PEPs play in KYC, and to what extent must this group of people be protected by obligated parties...?
From directive to regulation: Reform in money laundering law
Money laundering has a firm grip on Germany. According to the Federal Ministry of Finance, around 100 billion euros are laundered annually in Germany. But money laundering is a global problem. The EU Commission has also recognized this and...
Identifying beneficial owners in the KYC process
German money laundering law stipulates that in business relationships with companies, obligated entities must identify the so-called "Ultimate Beneficial Owner(s)" (UBOs). Our blog article KYC in...
Online account opening with integrated KYC process
A digital process: From application to account opening. When it comes to opening a new checking account, every minute counts. Especially in the corporate and business banking sector, time is money. Therefore, it's not surprising that many...
KYC in the onboarding of new customers
Hello, I'd like to open a business account… …what salesperson doesn't love hearing that? Whether it's a request for a checking account, insurance, or a company car: if the customer "threatens" to sign up, it should be…
That's why you (might) need a KYC process.
Money laundering prevention: Not just relevant for banks. Money laundering – everyone has certainly heard the word before. In Germany, according to an analysis by the Federal Ministry of Finance, the annual volume of money laundering amounts to 100 billion euros. Too much:...
Digital corporate customer onboarding with KYCnow in the Cooperative Financial Group of Volksbanken Raiffeisenbanken
Opening an account online? While this is already commonplace for private customers, it's not so simple for corporate clients. This is because the law requires banks to conduct comprehensive checks before concluding a contract...
Persons involved in the KYC process
The obligation to identify individuals is a fundamental component of the due diligence obligations to be exercised under the Money Laundering Act. However, this obligation applies not only to the contractual partner, but also to any person(s) acting on behalf of that contractual partner...