Digital Compliance

FOR INSURANCE COMPANIES

SIMPLE AND SECURE ONLINE KYC AND COMPLIANCE CHECKS FOR INSURANCE COMPANIES

comprehensive KYC solution with KYC Toolbox

COMPREHENSIVE SOLUTION

The KYC Toolbox offers what you need. Whether KYC checks, detailed reports including media screening or the onboarding chatbot.

current data from various sources

CURRENT DATA

With KYC Spider, you can stay informed about your business relations in near real time.

Data protection with Swiss Standard

SWISS STANDARD

KYC Spider is subject to strict Swiss data protection laws. The servers are located in Switzerland and are protected according to Swiss banking standards.

DO YOU HAVE A SPECIFIC QUESTION?

WHY KYC IS IMPORTANT FOR INSURANCE COMPANIES

Following the financial crisis in 2007, compliance requirements in Switzerland have risen sharply. The Swiss Financial Market Supervisory Authority FINMA introduced stricter due diligence requirements and controls.

Compliance requirements have increased

Following the financial crisis in 2007, compliance requirements in Switzerland have risen sharply. The Swiss Financial Market Supervisory Authority FINMA introduced stricter due diligence requirements and controls. As a result, secure compliance processes have become much more important or unavoidable in order to avoid severe sanctions.

Support for insurance companies

KYC Spider aims to assist in the identification and verification of customers (KYC), for example in life insurance investments. Using online or video identification, extensive PEP and sanctions database (KYC Records) and the secure and intelligent KYC platform, KYC Spider supports your company in fulfilling its due diligence obligations with modern, digital tools.

Find out below how you can benefit from Digital Compliance and use the Toolbox to simplify your due diligence and use it efficiently for your risk analyses.

What is KYC? 

KYC stands for "Know Your Customer" or "Know Your Client" and is an important tool to verify the identity in terms of compliance (sanctions lists, PEP status, CRIME, black or watch lists) of their clients.

KYC stands for "Know Your Customer" and is an important tool to verify the identity in terms of compliance (sanctions lists, PEP status, CRIME, black or watch lists) of their clients. KYC is part of the Simplified Due Diligence (SDD) of insurance companies as part of a compliance process. It is operated with the aim of preventing white-collar crime or money laundering.

For insurance companies in Switzerland, customer identification and KYC checks before the start of a contractual relationship are a means of fulfilling the regulatory requirements of the FINMA. This involves checking whether business partners are trustworthy based on suspicious transactions or hits on a risk list (for example, sanctions lists or PEP lists).

What is KYC Enhanced Due Diligence? 

Enhanced Due Diligence (EDD) is part of the KYC process and checks potential business partners and customers in more depth for risks.

Enhanced Due Diligence (EDD) is part of the KYC process and checks potential business partners and customers in more depth for risks. EDD can provide support if an increased risk has been identified in the course of a KYC check, which suggests money laundering, fraud, tax evasion or terrorist financing.

Would you like to learn more about our digital KYC Toolbox platform?
We would be happy to show you how you can use the KYC Toolbox ideally for your insurance company.

Contact us now

What is the difference between KYC and Enhanced Due Diligence (EDD)? 

In simple terms, an EDD process collects relevant and more detailed information on entities. A simple KYC check and CDD identification verification provides the basis for risk assessment. 

KYC policies consist of customer due diligence (CDD) and enhanced due diligence (EDD). While CDD comprises the identification and ongoing monitoring of customers, EDD reports collect and evaluate additional information on customer relationships.

Thus, in simplified terms, an EDD process collects enhanced compliance relevant and more detailed information on customer relationships. A simple KYC check and identification verification as part of CDD provides the basis for risk assessment.

Would you like to simplify or even automate your standardized compliance processes?

Learn directly from our customers from various industries how this works with the intelligent KYC Toolbox platform.

Customers who use the KYC Toolbox platform

How do I collect and review compliance relevant information about my customer? 

After you have gathered the data about your client, it is a matter of checking your client for risk factors and thus compliance relevant information.

After you have gathered the data about your client, it is a matter of checking your client for risk factors and thus compliance relevant information.

With the expansion of various KYC checklists around FATCA, AIA and MiFID controls controls, the manual KYC check becomes more and more difficult. You need to search through various sanctions lists, PEP lists, CRIME lists and other sources of compliance relevant data. That's why there are now more and more platforms that simplify your manual processes and controls with aggregated data sets and systematized KYC checks.

We collect and update compliance relevant data on a daily basis to give you easy access to an up-to-date database. Using the various KYC Toolbox functions, you can access these data sets online and save the results for your customers (in the form of a KYC report) in your KYC Toolbox or CRM.

With which online compliance tools can I check my customers? 

With our KYC Toolbox, we offer you an intelligent ComplianceTech platform on which you can easily, quickly and securely review and identify your business partners and customer base online, as well as create detailed Enhanced Due Diligence (EDD) reports on your potential customers.

With our KYC Toolbox, we offer you an intelligent ComplianceTech platform on which you can easily, quickly and securely review and identify your business partners and customer base online, as well as create detailed Enhanced Due Diligence (EDD) reports on your potential customers.

The following due diligence analysis tools are available to handle your KYC and compliance processes:

Toolbox Functions Overview

  • Check Customer (simple Customer Due Diligence check)
  • Scan (Batch Name Check for Ongoing Monitoring of Entities)
  • Verify Risks
  • BCP Check
  • Upload Service
  • Video Identification
  • Support Desk
  • EDD Assistant (for an Enhanced Due Diligence review)
  • Register Check
  • Onboarding Chatbot
  • Verification Chatbot
  • MRZ Check 

What are risk factors that are checked with a KYC check? 

In a KYC check, your entity is checked against the following criteria: Mention or relationship to individuals, legal entities or countries on sanctions lists as well as other compliance relevant lists, such as PEP or Crime lists.

  • Mention of or relationship to natural persons, legal entities or countries on sanctions lists of SECO, EU, OFAC, as well as other compliance relevant lists
  • Mention of or relationship to politically exposed persons on international and Swiss PEP lists
  • Mention of or relationship to persons on CRIME lists  
  • Reference to further compliance relevant risks such as sector risk, country risk or CTRL-ORG

How can I verify the identity of my customers with Digital KYC? 

With KYC solutions such as the KYC Toolbox, you can verify and verify the identity of your customers at various levels. 

With KYC solutions such as the KYC Toolbox, you can have your customers' identities checked and verified at various levels:

  • automated initiation and invitation for the video identification process
  • automated process for uploading classic identification documents such as ID and passport, or even
  • invoices, official documents such as tax returns, certificates of incorporation, articles of association, powers of attorney or certificates of inheritance 

What does KYC Spider deliver in an Enhanced Due Diligence Report (EDD Report)? 

Enhanced Due Diligence (EDD) stands for "enhanced due diligence" in the context of compliance and is the in-depth review of new, as well as existing, customers/entities.

Enhanced Due Diligence (EDD) stands for "enhanced due diligence" in the context of compliance and is the in-depth review of new, as well as existing, customers/entities. In the KYC Toolbox EDD Report, you can check if your customers are associated with drugs, military, weapons, financial crimes, corruption or tax fraud, environmental crimes, organized crimes, radicalism or terrorism, judicial or criminal proceedings.

Which sources are used for the KYC checks and Enhanced Due Diligence Reports (EDD Reports)? 

At KYC Spider, we use our own PEP and Sanctions database (KYC Records) to verify your customer data, as well as our own ...

At KYC Spider, we use our own PEP and Sanctions database (KYC Records), as well as data from the Swiss Official Gazette of Commerce (SHAB), OpenCorporates and various freely available online media to check your customer data.  

Which sources are used for the KYC Records? 

The KYC Records database is continuously updated and accesses public compliance-relevant lists and data.

The KYC Records database is continuously updated and accesses public compliance-relevant lists and data on sanctions lists and terror lists, PEP (politically exposed persons) lists and additional compliance-relevant information (CRIME).

Which sanction lists are covered by the KYC Toolbox? 

In the following overview you can see which international organizations we have sanction, terror, CRIME and embargo lists from in our KYC Records database.

In the following overview you can see from which international organizations we have sanctions, terror, CRIME and embargo lists in our KYC Records database and which countries are affected:

Download information about KYC Records Data

What is a KYC Record? 

A KYC Record is a profile of an entity that is created in our database - the so-called KYC Records.

A KYC Record is a profile of an entity that is created in our database - the so-called KYC Records. Such a profile may contain the following elements: 

Data of a natural person

  • Gender
  • First name/last name
  • Date of birth
  • Place of birth
  • Date of death
  • Citizenship
  • Residence
  • Address
  • Pictures/photos
  • Identification
  • Additional information
  • Collection
  • Role

Data of a legal entity

  • Name of the organization
  • Date of foundation
  • Place of foundation
  • Dissolution date
  • Registered office
  • Address
  • Pictures/photos
  • Identification
  • Additional information 
  • Collection  

How can I ensure that all data has been captured correctly by the customer onboarding? 

Onboarding for new customers is usually a standardized process, but it requires a lot of manual work and often also involves a high potential for errors and delays.

Onboarding for new customers is usually a standardized process, but it requires a lot of manual work and often also involves a high potential for errors and delays.

With our KYC Onboarding Chatbot, you automate your onboarding. We automatically process the data and seamlessly incorporate it into your KYC documentation. Your compliance forms can be automatically generated with one click, based on the data from onboarding. By default, VQF forms are stored in the KYC Toolbox.

Your advantages of the intelligent onboarding chatbot are obvious:

  • Customizable chatbot that asks all the legally relevant questions you need, making incomplete forms a thing of the past.
  • Quick and easy transfer of data to your toolbox (KYC file).

Who is a politically exposed person (PEP) and how do I check my customers for their PEP status? 

A PEP is a politically exposed person who performs or has performed a public function.

A PEP is a politically exposed person who performs or has performed a public function. Here, it is recommended to prepare an Enhanced Due Diligence Report, as PEPs represent a higher risk business party in terms of corruption, embezzlement and bribery than if there is no PEP categorization.

What advantages does Digital Compliance offer me? 

Digital compliance offers you a simple, fast and secure business partner verification solution.

Digital Compliance offers you a simple, fast and secure solution for business partner verification. In doing so, you benefit above all from:

  • Optimization and automation of your due diligence processes

With the functions of the toolbox, you can automate a large part of your KYC processes and handle them online.

  • Access to daily updated compliance-relevant data from around the world

Rely on our up-to-date data sets to verify your customers. We continuously collect and update our data for you from national and international sources.

  • Simple, fast and individual use

The KYC Toolbox is easy to use and customizable. So you can use the KYC functions you need and benefit from our intelligent chatbot, which we can adapt to your compliance forms and processes.

  • Secure data location in Switzerland with high data protection standards

We store data on a server with a Swiss location, which meets the high security standards of insurance companies in terms of data protection.

 

KYC Spider is not a financial intermediary and is not subject to the requirements of the MLA. KYC Spider has developed an information platform to support insurance companies in fulfilling their due diligence obligations. KYC Spider is a technical service provider for data and document management.

KYC Spider does not provide legal, regulatory, economic, financial, tax, organizational, technical or other advice.

WOULD YOU LIKE TO LEARN MORE ABOUT OUR INTELLIGENT PLATFORM?

We would be happy to show you how you can use the KYC Toolbox ideally for your company for simple and secure verification of customers. We look forward to hearing from you.

Contact us now

Address

KYC Spider AG
Gubelstrasse 11
CH-6300 Zug

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