FOR INSURANCE COMPANIES

KYC stands for "Know Your Customer" or "Know Your Client", KYB for "Know Your Business". They are 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/KYB 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).

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.

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.

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.  

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).

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:

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  

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).

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.

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.