Compliance and Knowing Your Customer

Ensure Business Compliance

Is there a risk of money laundering associated with a pending transaction? Is the contractual partner violating its environmental responsibility? Do you know that a company's profitability and reliability are also measured through the activities of stakeholders? This creates pressure to know the customers and find out the backgrounds of the stakeholders.

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Get KYC right with reliable data

Identify your customers using reliable data sources and enrich the data to match Compliance.

Minimise risks in your stakeholders

When you know enough about the activities and ownership structures of your stakeholders, you can minimise e.g. financial and reputational risk.

Competitive advantage with efficient processes

As the number of customers increases, background checks and their monitoring should be automated so that the processes remain efficient.

Know the backgrounds of your customer (KYC)

The terms KYC (Know Your Customer), PEP (Politically Exposed Person) and FATCA (Foreign Account Tax Compliance Act) are often associated with knowing the customer. Companies in many different industries and companies making payments worth more than €10,000 have a legal obligation to know their customers well. The purpose of the law is to prevent money laundering and the financing of terrorism globally, so it is difficult to be sure of the sufficiency and reliability of the information if the information in the contract is based only on the information provided by the customer. With the help of Asiakastieto, you can find out about your company's obligations related to knowing the customer, and information clarifications are easily carried out using reliable sources and in compliance with the law.

Minimise risks in external stakeholders

Mandatory lists and ESG have become central to customer processes. For example, the EU, Great Britain, and the United States have their own sanctions lists, and ESG regulations, such as the criteria for a sustainable economy (EU taxonomy) and related reporting obligations (SFDR) guide companies towards responsible business. The reliability of companies is measured not only through their own operations, but also through stakeholders, in which case, for example, an environmental crime committed by a subcontractor can cause reputational harm to the customer as well. Although the law does not require all companies to review sanctions lists or report their ESG information, it is in the company's interest to review information to minimise risks. With the help of Asiakastieto, you can ensure the reliability of your external stakeholders and communicate your own responsibility.

Effective knowledge of the customer

As the company's operations and customer base grow, tasks related to customer identification also burden the company more and more. These functions can be made more efficient, for example, by building interfaces to the necessary data sources and monitoring the customer base using the interface. However, the information is distributed among different register keepers, in which case the number of interfaces and their maintenance can become an obstacle to an enhanced customer process. And who analyses the data or refines it into a usable format? Asiakastieto’s data can be packaged to meet your needs either as it is or refined with the help of different modelling. With enhanced background knowledge, you ensure the profitable growth of your business and protect your company, e.g. against reputational damage also in the future.

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Services behind the solution

PEP and Sanctions Data

Knowing your customer is an essential part of well-functioning credit politics. Several lines of business and companies are obligated to know their customers (“Know Your Customer” -obligation). The obligation is based on different laws and industry-related regulations that are enforced to prevent money laundering (“Anti-Money Laundering”) and financing terrorism. It is good to take into account that the obligation also applies to companies that trade with larger amounts of cash.

Performing sanctions list checks and collecting other necessary KYC information should definitely be automated as part of the process. This way, many processes will be expedited, and you can be certain that all required information has been verified. This can also be demonstrated as completed retrospectively.

Consumer Credit Information

By knowing your customers, you can build suitable payment terms for different customers, and you can grow your business profitably. By checking payment defaults and other credit information entries, you significantly reduce the risk of credit losses.

Personal credit information describes the consumer's ability or willingness to pay. Payment default information collected from authorities or directly from creditors is registered as personal credit information in Finland. You will also receive information about the person's possible supervision of interests or business connections.

Did you know that a person with a payment default is 10 times more likely to obtain another payment default in a 12-month period than a person with no payment defaults at all? For this reason, creditors typically do not lend to such applicants – the credit risk is high.

ESG Service

ESG Service promotes transparent business operations and improves the competitiveness of responsibly operating companies.

ESG data is used to assess and identify sustainability risks related to customers and partners. The ESG service promotes transparent business operations and improves the competitiveness of companies that operate responsibly. ESG data are used e.g. by banks, financiers and insurance companies. By reporting, you can help your business stand out from your competitors, succeed in bidding, and get financing and insurance on better terms in the future.

Corporate Radar

Corporate Radar refines the picture of the company's risks given by the credit rating.

B2B Contract Service

B2B Contract Service has been developed to facilitate secure contract making between companies.

The B2B Contract Service is an automated application processing and evaluation service. It enables handling everything needed in customer interface related to opening an account while minimizing the possibility of human errors in contract processing. The B2B Contract Service is an efficient tool for businesses that engage in agreements requiring signatures, such as companies in retail, wholesale, hotel management, or construction industries. 

The automation of processes is one of the current mega-trends in businesses, and the B2B Contract Service has emerged to meet this need. The service enables cost savings and increased sales through an efficient, fast, and straightforward customer onboarding process.


Compliance as part of business

The term compliance means compliance with rules and standards

The rules can be dictated by law or the industry's own regulation. The company's promises related to responsibility and ethics, on the other hand, define what standards the company maintains.

Knowing the customer (KYC) is an important part of the entire Compliance and thus also the business of every company. With the help of comprehensive customer knowledge and background investigation, the company ensures legal compliance and manages various business-related risks, such as credit losses and reputational damage. When your own resources for effective and comprehensive identification are no longer sufficient, it is worth enlisting the help of a reliable partner and turning risk management into a competitive advantage.

Do you already know what background information you should have about your customers?

Asiakastieto’s objective is to create value for each of its customers in a customised way, respecting the customer's wishes. Communication and understanding needs are the key to successful cooperation. Ask, discuss, and realise with us. It does not require any money from you, but in exchange for time you can get valuable information about what your company's need for information is based on the law and standards.

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