Compliance Solution for Electronic Money Transfer Provider
Eastern European Electronic Money Institution
The company: The client is a FinTech company specialised in payment services for businesses with a growing presence in Europe. The organisation was issued an electronic money institution license by the Bank of Lithuania and it is subject to the regulatory framework of the European Central Bank.
Problem: As a provider of electronic money transfers, the client was facing the same regulatory requirements as any other financial institution or bank. As such, it was looking for a KYC solution that would ensure full compliance with EU regulations while offering the flexibility necessary to quickly scale and extend their offering to multiple markets.
Action: The first step was for the Know Your Customer team to perform the due diligence necessary to unveil the client’s specific requirements. These included the mapping of regulations specific to the regions in which the client operates, as well as an exploration of how the partnership with Know Your Customer would be beneficial to internal stakeholders. The teams worked closely together to tailor a solution that would deliver a seamless and efficient digital journey to the client’s end users and corporate customers through a fully branded mobile app. The client was also looking for a more efficient way to monitor and increase the efficiency of their internal compliance processes.
Result: Know Your Customer developed a full customer branded solution for the client, with a custom end user flow which included emails and SMS templates based on the client’s specific requirements. KYC’s automated screenings were integrated with a manual intervention service which effectively provides a four-eye approach to guarantee the accuracy of the information returned by the end users. Finally, the client was granted extended access to Know Your Customer’s business rule engine, effectively creating a self-service tool with configurable alerts, AML case refresh and on-going monitoring to mirror internal risk policies. As a result, the client was able to meet all regulatory requirements in a very short period of time, while gaining access to a truly elastic KYC solution perfect to accompany all the phases of their fast business growth.