KYC

European ambitions for RegTech software that helps banks to comply with AML regulations

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Press release

The Ghent-based software company Docbyte, set up by the economist Frederik Rosseel, launches the Amazon-hosted cloud software ‘ID Capture and screening’ this month as a separate product on the market. They are focusing this solution for compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering”) on banks, insurers, leasing companies and lenders in Europe.

“We are making a difference because financial organizations in Belgium and the rest of Europe can now integrate our software into their own IT environment in less than two weeks through a subscription package,” says CEO Frederik Rosseel of Docbyte, which was established in 2006.

Frederik Rosseel

Frederik Rosseel, CEO

 

 

“The software is user-friendly for customers of financial organizations, which in turn save time and money in complying with legislation against money laundering and the financing of terrorism.”

 

 

 

The first client that is going to use ‘ID Capture and screening’ is EDR Credit Services in the Netherlands. Docbyte has long been working with banks and insurers, including clients such as Crelan, Federale Verzekering, Fidea, P&V Verzekeringen, Buy Way Personal Finance and Santander Consumer Finance.

Four steps

The software enables financial institutions to automate four things: acquiring a picture or scan of a customer’s identity document, extracting the identity information from it, having these details verified by the customer, and performing risk screening for money laundering, among other things. Examples of identity documents that the customer can upload an image of include an electronic identity card, passport, driver’s license and pay stub. The application extracts the name, date of birth, nationality, expiry date and other data from the image. It asks the customer to confirm the details are correct. The application can then check whether the person submitting the data is actually the person they claim to be. It can also provide automated screening for the risk that this person will be laundering money or financing terrorism.

The Docbyte software uses intelligent character recognition (ICR), liveness detection and artificial intelligence, among other things. “It takes too long and it costs too many financial and human resources to comply with the rules on KYC, AML and customer due diligence [CDD],” says Frederik Rosseel. “A number of banks and asset management companies have already run into problems because they had difficulties in complying with the rules. You risk fines and unhappy customers if you are not in compliance or not making things easy for them. For example, we do not find it customer-friendly to send a letter to a customer with a new identity card, stating that they will not be able to make any further transactions until they go to an employee or a machine at their branch of the bank to have their eID scanned again.”