Only the person with additional information on his customers is in a position to be able to make a decision in a case of doubt as to whether a customer relationship or a transaction carries a risk. The specific obligations under the KYC principle are:

• obligation to identify the contracting party
• obligation to establish the beneficial owner
• obligation to clarify the financial background

Risk Classifying of Customers

A classification of individual customer relationships is required in order to make an evaluation of unusual transactions and events. MLDS money laundering detection system operates a five-stage classification process. The categorization of individual customers is made in a rule-based project that takes into account the financial relationships and transaction performance of the customer in addition to the customer master data.  ...more

Creating Synergies for Relationship Management

The information collected in the KYC profile is not only relevant for compliance. It can also be used in relationship management, and offers other opportunities for profit.