Penneo KYC

How can Penneo KYC help companies that are subject to Anti-Money Laundering laws?

Penneo KYC can help companies that are covered by AML laws to cut down costs, save time, and improve the client experience by automating time-consuming and inefficient KYC processes.

Customer due diligence and client risk assessment

With Penneo KYC, you can collect information about your customers and their beneficial owners, verify their identities, and determine their risk profile.

Continuous monitoring of the business relationship

Penneo KYC regularly screens your clients and their beneficial owners against PEP and sanctions lists and notifies you of any changes in their circumstances.

Secure data storage

Penneo KYC stores all KYC data, including identity documents and risk assessments, in one place. Plus, all the steps taken during the KYC processes are recorded in an activity log.

KYC and client risk assessments

Guided risk assessment

Step-by-step risk assessment with automatic PEP and EU Sanctions List check.

Activity log

Get all your actions documented automatically and stay on top of onboarding duties.

Customer due diligence made easy

ERP systems integration

Import client data in just a few clicks and ensure a frictionless process.

Business registers lookup

Retrieve company information and identify the beneficial owners automatically.

Continuous data monitoring

Get notified of changes in the data and request new information to keep your client relationships up to date.

Professional & secure customer experience

Efficient data collection

Your clients can submit information from any device within minutes. Fast and convenient.

Secure data storage

Your clients' data is handled with the highest level of security. Personal information is protected via encryption.

Modern customer experience

Build trust from the start - give your clients a secure way of providing you with personal sensitive information.

AML compliant in minutes

Create client and identify owners

Perform risk assessment

Collect and upload documents

Approve information

Continuously monitor data

Effortless, secure, and compliant KYC processes

Identification with national eIDs

Free time to focus on the work that matters

Allow your customers to confirm their identity using their national eID – it's quick, secure, and convenient for everyone involved.

Data security and GDPR compliance

Take the compliance hassle out of the way

You can rely on our data encryption, document audit trail, as well as policies for data retention and disposal to ensure GDPR compliance.

AML compliance

Offer your clients a smooth onboarding, while meeting legal requirements too. We help you comply with the rules of the latest AML Directive.

Get started with Penneo today

FAQ

Does my company have to comply with KYC/AML laws?

KYC is mandatory for the entities AML laws apply to, i.e.:

auditors, accountants, and tax advisors
credit and financial institutions
real estate agents
notaries and other independent legal professionals
trust or company service providers
gambling service providers
other persons trading in good valued over €10.000

Even if your firm is not required to comply with AML laws, KYC is rapidly becoming the norm for all industries as it’s always a good idea to ensure you’re doing business with trusted entities.

What kind of information do I need to collect for the KYC process?

When you start a new business relationship, you need to collect:

information on the identity of the customer and beneficial owners (name, address, etc.)
information on the purpose and intended nature of the business relationship (source of income, frequency of transactions, etc.)
additional information needed to rate the risk level of the customer (type of business, geographic location etc.)

You can read more about the data collection and Customer Due Diligence (CDD) process here.

Can I comply with AML laws using Penneo?

Yes! Penneo is built with safety and compliance in mind to provide you with an easy way to meet all AML requirements. Hundreds of security-conscious customers already use it on a daily basis to onboard clients digitally and document their compliance efforts.

You can find a complete overview of all the requirements needed to comply with Anti-Money Laundering laws here.