Money laundering prevention in a digital context: Processes are made easier using data and analytics

Increasing regulatory requirements about confirming the identity of business partners place heavy demands on the companies concerned. To meet these, manual queries and analyses are often applied, and information is transmitted and recorded on paper.

Advances in technical developments do now enable the use of a digitalised version of these tasks. Information about business partners can be requested using digital inquiries and can have a risk score applied. Screening against sanctions lists can also be completed and recorded digitally.

KPMG can provide effective alternatives: Using our own Sofy cloud platform, you can carry out all the activities related to prevention of money laundering and business partner screening digitally. All the information and documents you collect are stored in one place and are therefore instantly accessible. Users can work collaboratively using the platform and initiate tasks and work flows. In addition to using predefined standards, you can customise all the components to suit your own needs, creating maximum added value. Working with KPMG Risk & Compliance and KPMG Law, we ensure that all legal requirements are met, and all the contents are audit-compliant.

In collaboration with KPMG Law Rechtsanwaltsgesellschaft mbH,* we can offer you support from the following contacts:

Arndt Rodatz

* The legal services will be provided by KPMG Law Rechtsanwaltsgesellschaft mbH.