Within the framework of the identification and verification of new and existing customers (= “Know Your Customer Process” or “KYC” for short) for the prevention of money laundering, corruption, and terrorist financing, companies are legally obliged to document their searches. For a long time now, it has not only been companies from the financial sector that have to comply with this obligation; organizations from all industries have to deal with the issue.
International minimum standards for KYC checks have been defined to standardize the requirements. Among other things, these are regulated in the EU Money Laundering Directive and other laws. Thus, for example, information and documents on the identity of companies, their legal representatives, and the nature of the business relationship must be stored and kept for at least five years (Section 8 GwG). In Germany, this process is monitored by BaFin, and non-compliance may be punished with sanctions.
However, register extracts can also serve as general company information, e.g., in company pension schemes.
fintract helps you to generate structured data from commercial register or transparency register extracts via OCR interface and to transfer them to your software. Manual data transfer is no longer necessary and saves valuable time for your core business.
Recognizing the text of individual pieces of corporate information is a simple matter for our time-tested OCR. This data includes:
fintract OCR has been used for many years in a wide variety of business areas.
We can therefore guarantee fast integration through an API solution, especially for the digitization of standard documents.
You would like to digitize additional or particularly extensive documents?
No problem – we are constantly expanding our product range and
continuously training our OCR.