Automate your transparency register obligation

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Fulfill transparency register requirements with KYCnow

These customers already trust our transparency register service.

Hello, automation!

Now there is a solution that allows you to fulfill your legal obligation not only faster, but also more easily and with less stress.

Our solution gives you the freedom to refocus on what really matters: your business. With advanced technology and a user-friendly platform, we take the pressure off your shoulders and give you the security you need.

Welcome to Future of Transparency Register Administration - efficient, secure and compliant.

Goodbye, annoying duty!

Since January 1, 2020, financial institutions and other entities obligated under the Money Laundering Act have been required to check each customer's record against the transparency register. This record lists the beneficial owners of the respective companies.

The obliged entities must compare this extract with the information they have on file. Any discrepancies must be reported to the transparency register.

The problem: Deduction, reconciliation, and discrepancy reporting involve a significant amount of manual work. This is far from efficient. Furthermore, you risk substantial fines if you fail to adequately fulfill your obligations.

%

faster

compared to manual reconciliation and manual reporting via the transparency register

Fast. Simple. Automated.

To be successful as a company, you need to balance time, costs, and risks. With KYCnow's transparency register module, you work faster and more effectively than with manual methods.

Whether it's a deduction, reconciliation, or reporting: you can conveniently carry out all relevant processes via our interface. The process steps are clearly documented and stored in a traceable manner.

Create more time for what matters most – with KYCnow.

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Why KYCnow?

Highest data quality

We connect you with verified data on 68,9 million natural persons from Germany thanks to an interface to the comprehensive database of our parent company, SCHUFA Holding AG.

Modern technology

As a subsidiary of the FinTech fino, we provide you with the best technology that makes it easy for you to make the right decisions based on sound data.

Happy customers

Over 400 credit institutions, leasing companies, tax advisors and real estate agents already rely on our expertise in KYC and money laundering prevention.

The KYCnow transparency register module in detail

Our transparency register module significantly simplifies your compliance processes – from the initial inquiry to the final report. With our service, you'll experience seamless integration and automation of the three crucial steps: data retrieval, precise reconciliation, and efficient reporting of discrepancies.

Every step is designed to save you time, minimize errors, and ensure that your money laundering compliance always meets current legal requirements.

Screenshot from the transparency register of KYCnow

Access the transparency register

With just two clicks, you can retrieve your transparency register extract directly in KYCnow. The extract is stored with a traceable retrieval date, ensuring you automatically fulfill your documentation obligations. And all of this is available in a single tool.

Compare transparency registers

The beneficial owner data determined by KYCnow is displayed directly alongside the data from the transparency register extract. This makes comparison easier than ever before.

Report a discrepancy

Should you discover a discrepancy, you can report it directly with just a few clicks. If there are no discrepancies, you can also indicate this – the result of your check will be transparently stored in KYCnow.

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FAQ about the Transparency Register module

Who is obligated to deduct, reconcile, and report discrepancies to the transparency register?

According to the German Money Laundering Act (GwG), all obliged entities such as financial institutions, notaries, lawyers, real estate agents, tax advisors and other professional groups mentioned in the GwG are required to retrieve the transparency register extract, compare the information contained therein with their own data and, in case of discrepancies, submit a report to the transparency register.

This obligation serves to prevent money laundering and terrorist financing through transparent disclosure of the beneficial owners of companies and other legal entities.

What penalties are imposed for failing to comply with the transparency register obligation?

Failure to comply with obligations related to the transparency register can result in substantial fines. While the exact penalties may vary, under the provisions of the Money Laundering Act, fines of up to €150.000 can be imposed for minor infringements, and up to €1 million or more for serious infringements, such as repeated or systematic failure to comply with reporting obligations.

In some cases, the fine may be higher than 1 million euros if this corresponds to the economic benefit that the person liable has derived from the violation.

The exact regulations can be found in §56 GwG.

What is a beneficial owner?

According to the Money Laundering Act, a beneficial owner is any natural person who ultimately exercises control over a legal entity or legal arrangement and/or owns more than 25% of the capital shares or controls more than 25% of the voting rights.

The purpose of this regulation is to make the true ownership structures of companies transparent and thereby prevent individuals from remaining undetected who might be attempting to conceal their identity behind corporate structures. This serves to prevent money laundering and terrorist financing.

What requirements must be met to use the transparency register module of KYCnow?

To use the transparency register module, you must meet the following requirements:

An active contract with ClariLab GmbH & Co. KG regarding the transparency register module.
A user account on the Transparency Register Platform.

The access interface of the transparency register must be activated. Instructions can be found here.