KYC & (enhanced) Due Diligence

Quick and automated checks of your customers

»Know Your Customer« checks are critical for ensuring that your business does not fall prey to money laundering or terrorist financing schemes. Not performing checks may result in fines and can also cause reputational damage.

Kerberos Compliance relies on quick, simple and legally sound solutions regarding the KYC process. We not only equip companies and other corporate bodies with appropriate digital and cost-effective tools for this purpose, but also support you in the long-term compliance with your general due diligence obligations, if desired. 

KYC with Kerberos

We help you in fulfilling your due diligence obligations:

Identification

KYC, PeP, sanctions list checks

Initial assessment

risk-based decision templates

documentation

according to all legal requirements

Kerberos KYC App

Carry out KYC checks quickly, simply and legally binding.

The Kerberos KYC app helps you protect your business. Simple steps guide you and your employees through the checks process. Just scan the document using your camera and then answer a few questions. Shortly thereafter, you’ll receive the results with a recommendation for action. Not only does this guarantee compliance with your due diligence obligations, you can also perform transactions in accordance with the law.

Know Your Customer Checks. Quick, simple and legally sound.

  1. Business initiation
    • You are initiating a customer or business relationship and want to complete all formalities quickly to avoid deterring your customers and / or partners with extensive waiting periods.
  2. Answer KYC questions via app
    • The KYC app guides you through the KYC process and shows you which documents you need for an audit.
  3. Check
    • ​​​​​​​​​​​​​​​​​​​​​Once all required documents have been submitted, Kerberos will perform a KYC check and provide you with the results.
  4. Recommended actions
    • Kerberos will provide you with an initial assessment, if required. ​​​​​​​
  5. Documentation requirement
    • ​​​​​​​​​​​​​​ Kerberos will take care of documenting the KYC measures that have been taken. You can refer to Kerberos in the event of audits by the supervisory authorities.

Why KYC is essential for you

Why is it important to check customers and business partners? - Apart from fines, non-compliance with the KYC principle or insufficient diligence in its implementation can lead to significant reputational damage. The importance and urgency of the KYC principle arises above all from the fact that companies and their employees can be involved in criminal acts not only directly through intentional actions, but also indirectly by entering into a business relationship. Here, too, a lack of knowledge does not protect against penalties.

Not only because of this danger, companies are well advised to base their contract management on the KYC principle as a standard and to embed this in an internal control system. In Germany, the Money Laundering Act provides the legal framework for this by defining certain criteria in accordance with a risk-oriented approach, to which KYC checks should be carried out.

Legal foundations

While there may be many good reasons for a diligent KYC process from a company's internal point of view, the urgency from the legislator's point of view lies primarily in the creation of transparency with regard to the origin of assets and the actual powers of control in complex corporate interrelationships. In a European comparison, Germany, along with the United Kingdom, Luxembourg, Belgium and France, is particularly attractive for money launderers due to its established financial markets and growing economy. 

The cultural ties to countries from which most incriminated funds flow into the economic cycle also influence the risk of danger. In addition, the non-financial sector is also exploited for money laundering activities, which is why parts of it have also been subject to the obligations of the Money Laundering Act since 2017. With regard to the implementation of due diligence obligations and the submission of suspicious activity reports to the FIU (Financial Intelligence Unit), there is a particular demand for improvements in this area.

Convinced? Or questions?

Get advice on KYC and (enhanced) due diligence with Kerberos now.

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