KYC monitoring: Continuous monitoring of your KYC data

Detect changes in your customer base in real time and reliably comply with your AML due diligence obligations.

Find the perfect KYC solution in just 30 minutes.

Overview of the optics of KYCnow Monitoring

The importance of effective KYC monitoring in the modern financial world

Challenge of mandatory updates

As a BaFin-regulated company, the regular review of customer data, documents and information is essential to meet compliance requirements.

The Money Laundering Act (GwG) stipulates that customer data and documents must be checked at regular intervals, between two and 15 years, depending on the risk class of the customers.

However, traditional methods of periodic and event-driven monitoring are reaching their limits: they are often time-bound and dependent on external information. This can lead to important changes being overlooked and due diligence obligations being neglected.

KYC monitoring: secure, efficient and legally compliant

The solution lies in continuous monitoring through the use of modern technologies. This puts you one step ahead of the law.

Our solution continuously and automatically monitors all relevant KYC data, keeping you informed of important changes in real time – regardless of set review periods or active customer information.

This not only increases compliance security but also saves time and resources, ultimately leading to increased efficiency.

Rapid implementation, secure compliance

Continuous monitoring

Ongoing review of 36 relevant data fields and master data.

Intelligent categorization

Automatic differentiation between significant and insignificant deviations.

Convenient event overview

All change events are displayed on an overview page.

Automatic updates

Independent adjustment in the event of non-essential changes.

Precise risk assessment

Timely and accurate assessment of customer risk.

Dynamic risk management

Flexible adaptation of risk assessment and control.

With our KYC monitoring, we offer a comprehensive solution for the continuous monitoring and updating of your national customer and business partner information in accordance with legal requirements. Our platform enables you to detect and assess changes in real time, allowing you to effectively manage risks and sanctions and ensure compliance at all times.

State-of-the-art technology for seamless monitoring

Focus on your core business

Focus on what matters most while we handle the data monitoring.

Time savings

Gain more time for important tasks through efficient monitoring of your KYC data.

Current customer data

Always up-to-date with automatic data updates.

Risk reduction

Minimize legal risks through complete compliance.

Care made easy

Efficiently fulfill your due diligence obligations with smart technology.

Cost

Significantly reduce the costs of compliance activities.

KYC monitoring: Your solution for continuous monitoring

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By using our KYC monitoring system, you not only strengthen your company's compliance and reduce the risk of sanctions, but also increase operational efficiency. This makes KYC monitoring an essential tool for proactive and compliant customer monitoring within your company.

Minimizing risk

Up-to-date data on high-risk customers for proactive risk avoidance.

increase in efficiency

More time and increased productivity thanks to automated data updates.

quality optimization

Precise, risk-based analyses for informed decisions.

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FAQ about KYC monitoring

What is KYC monitoring and why is it important?

The key feature of our KYC monitoring is continuous monitoring, which enables a timely and accurate assessment of customer risk. Unlike periodic updates, which only provide snapshots and are often outdated, continuous monitoring allows for dynamic risk assessment and flexible management.

This system not only promotes compliance and reduces the risk of penalties, but also increases operational efficiency and lowers costs.

What data is monitored using KYC monitoring?

In total, our service monitors 36 data points in the following areas:

Masterdata Managment
Shareholders/Participations
Structural data
Economic rights
Functionaries
Contracts
Parent/Intermediate Companies

How does KYC monitoring improve compliance and minimize legal risks?

Although periodic and event-driven updates are important tools, they do not constitute true, continuous monitoring. They are either point-in-time or dependent on active information from third parties. These approaches can therefore have gaps – for example, if changes are not detected or reported in a timely manner.

KYC monitoring closes these gaps. By technically monitoring all relevant data fields and master data, deviations or changes can be immediately identified and categorized accordingly. This enables significantly more efficient and effective money laundering prevention than previous methods.

To what extent does KYC monitoring contribute to increased efficiency and cost reduction?

Under the Money Laundering Act, obliged entities are required to continuously monitor their customer information and ensure that transactions are consistent with the information held about the customer. Specifically, this means that all documents, data, or information that companies hold about their customers must be regularly reviewed for accuracy and up-to-dateness and updated as necessary.

These checks and updates take time and require personnel resources. KYC monitoring automates this process. Manual checks and controls are eliminated. Manual intervention is only required when a truly significant change occurs. This increases efficiency and reduces costs.

How quickly can KYC monitoring be implemented?

KYC monitoring is available via our API interface and the KYCnow frontend. We can activate the frontend monitoring for you within a few days. The API interface needs to be implemented within your company. This process takes approximately four weeks.