Client success stories

Leading Luxembourg life insurer, LA MONDIALE EUROPARTNER (LMEP) has been using KYC Manager to run a client KYC file update campaign, reaching 50% completion in just ten weeks for the client base in scope. Using the platform, LMEP has reduced the KYC submission and validation process to less than 10 minutes.

With Luxembourg’s insurance firms increasingly under pressure to adhere to more stringent and regularly revised regulations, updating client KYC files more regularly was becoming a necessity for LMEP.

LMEP looked to KYC Manager for a digital client file update solution that was future-proof and customer-centric. They also wanted to improve response rates, reduce partial and incomplete data, poor quality documents and use less manpower to process paper forms.

Using KYC Manager, LMEP has been able to shape a flexible and fully customised customer KYC file update campaign. It has moved to a digital, paperless process that optimises the management of KYC files and substantially improves the quality of client data.

LMEP relied on KYC Manager to establish a standardised workflow that benefits the company’s brokers and distributors, its compliance department and of course its customers. Each client has access to a dedicated digital profile to easily update or confirm its personal information, while the LMEP compliance team can live-track the campaign through its KYC Manager dashboard and review customer KYC files’ completeness at the touch of a button in a single location.

Hauck & Aufhäuser Administration Services (HAAS), a prominent asset servicing company based in Luxembourg, has significantly enhanced its compliance operations by adopting Finologee’s KYC Manager.

Their teams previously encountered inefficiencies and potential compliance risks due to their reliance on manual AML (Anti-Money Laundering) and KYC (Know Your Customer) processes. Thanks to the platform’s modular design, HAAS was able to swiftly implement a solution tailored to their specific business needs that would integrate seamlessly with their existing core systems.

With KYC Manager, HAAS could finally enable automation of document collection, risk assessment, and data enrichment, streamlining Hauck & Aufhäuser’s client onboarding procedures, increasing operational efficiency and ensuring more accurate compliance.

Moreover, the platform’s user-friendly interface helped foster collaboration among compliance teams and proactively identifies potential compliance issues, allowing the bank to address them promptly. This proactive approach ensures that the bank meets stringent regulatory requirements while enhancing customer satisfaction.

KYC Manager not only reduces the time and effort required for compliance tasks but also minimizes the risk of human error, thereby safeguarding the bank’s operations and reputation.

By leveraging Finologee’s technology, Hauck & Aufhäuser can now manage its compliance operations more effectively, focusing on strategic growth and client service. This partnership exemplifies how digital tools can transform traditional banking operations, making them more efficient and secure in the face of evolving regulatory landscapes.

Fund Channel, a leading B2B fund distribution platform, has significantly enhanced its KYC and AML capabilities by integrating KYC Manager. This strategic partnership aimed to streamline and automate the client onboarding process, ensuring compliance with stringent regulatory standards while improving operational efficiency.

The integration optimises connectivity between end customers, front-office, and compliance departments, facilitating seamless data flow and reducing manual intervention.

Fund Channel anticipated that this digital transformation would not only enhance service quality but also simplify compliance processes, allowing the company to focus on strategic growth and customer satisfaction.

Thanks to KYC Manager, Fund Channel can now manage its KYC and AML operations more effectively, minimising the risk of human error and ensuring robust regulatory adherence. Moreover, they will also be able to expand their KYC managed services for their own clients.

This new step specifically not only supports internal operational needs but also increases efficiency. A dedicated questionnaire will ensure client consent and provide a structured approach to its management.

Introducing a managed KYC services for their clients will not only broaden the company’s existing commercial offering but also help them thrive in a competitive and continually evolving landscape.

Swiss Life Global Solutions, a leading life insurance player, decided to leverage KYC Manager to accompany its client screening processes and ensure the reviews are being performed on a regular basis following a risk- based approach.

With increasing pressure to comply with ever more demanding regulations, performing an up- to-date full book screening exercise of its entire customer base and aligned parties is an essential standard for Swiss Life.

An additional requirement for the company was to deliver a screening solution that could effectively be implemented across their global insurance carriers, namely Luxembourg, Liechtenstein and Singapore.

During the implementation phase, the solution was tailored to Swiss Life’s own internal processes and the customer base was batch imported into KYC Manager. Using KYC Manager, Swiss Life was then able to successfully complete a full screening of client profiles.

In a second phase, Swiss Life performed its ongoing lifecycle management and screenings via the platform to ensure the data remained up to date as per its risk policies. Following a risk-based approach, screenings are automatically being performed at defined time intervals.