Smart customer onboarding and remediation solutions for financial service providers

Laws and regulations

Processing personal data is required and essential for the operation of a financial institution. The DPA (Data Protection Act) is an implementation of the (GDPR General Data Protection Regulation) which was introduced on the 25th of May in 2018. This law ensures that all organisations who operate in the European Union, including the UK, are required to comply with the same regulations concerning processing and storing personal data. 

In addition, financial institutions need to comply with the AML and CFT legislation. This legislation describes, among other things, that financial institutions may not provide services or products to anonymous customers. Before entering into an agreement, the customer must be identified and verified.

Sanctions

A violation of the GDPR law or the AML and CFT legislation can result in substantial fines. The amount of the fine depends on several factors: the seriousness, the scale, the duration and whether it was on purpose. 

Customer remediation

DataChecker has been active in developing online customer re-verification solutions since 2018. We're doing this to support financial service providers with the restructuring of their KYC/CDD policy. All the solutions are developed in accordance with laws and regulations. We now sucessfully facilitate these customer remediation solutions to various financial service providers.