With the Addo Forms function it is possible to obtain information about the recipient according to KYC (Know Your Customer).

With Addo, you have the opportunity to make this process digital and automate your processes, reducing or eliminating your manual work.

Know Your Customer
What is KYC?
How can Addo obtain information for KYC?

What is KYC?

KYC stands for Know Your Customer, and comes in the wake of the Money Laundering Act, which applies to all financial institutions. The Money Laundering Act imposes strict requirements on risk management and the fight against financial crime. The most important aspect of KYC is to know the identity of the customer or company and their financial activities. In addition, there is a responsibility to address any risk the customer poses. 

It therefore requires that information about the customer is collected on an ongoing basis and it is the responsibility of financial institutions to keep themselves updated and informed about the customer in order to make an ongoing assessment. This process is necessary, although often lengthy and manual in its execution. 

With Addo Sign, the process can be both automated and digital, reducing or eliminating manual work. Addo can collect information in several ways, and the advantage of this is that it ensures that the information collected is verified. 

Get more information about KYC

• You can read much more about KYC  here.

How can Addo obtain information for KYC?

The simple solution can be to use Addo's feature, CPR-Validation, if you just need to confirm that the person on the other end is who you expect. 

If additional information needs to be obtained, Addo Forms is a very good tool. Here you can create forms to collect all necessary information, and at the same time upload e.g. picture ID and driving licence. If it is sent out with e.g. NemID for Danish citizens, there is also an extra layer of verification embedded in this flow that increases security. Quite simply - Addo is there to help obtain the information needed to comply with KYC and the White Money Act. 

Here is a simple example of information gathering for KYC via. Addo Forms

Via. Addo Forms you can collect information about your beneficiaries and get the form signed afterwards. If you are unsure about setting up Addo Forms, we recommend that you follow the guide here.