By integrating Identyum’s advanced KYC (Know Your Customer) solutions, Mobil Leasing has taken a significant step towards compliance with strict AML/CFT regulations to deliver a seamless and efficient user experience for existing clients.

The leasing industry faces certain challenges due to the rapid rise in digital transformation and the growing number of customers onboarded by leasing companies. Traditional manual customer verification processes of existing and new customers take too much time, which slows down daily business operations.

Money Laundering and Leasing

While not classified as financial or banking institutions, leasing companies offer financing resources and function similarly to these entities. Although leasing has a lower risk from money laundering than banking, it is considered a financial service, so it falls under  European Union Anti Money Laundry and Countering the Financing of Terrorism (AML/CFT) regulations and is governed by specific regulatory standards. On 24 April 2024, the European Parliament formally endorsed the Anti-Money Laundering Package, a reform that has been in the making for the past 5 years. AML/CFT compliance involves a set of regulations and procedures with the aim of preventing money laundering in the leasing industry. It is necessary for leasing companies to continuously update themselves to the latest AML/CFT regulations to stay ahead of the legal standards. “It provides that obliged entities shall apply customer due diligence requirements when entering into a business relationship (i.e., identify and verify the identity of clients, monitor transactions, and report suspicious transactions).”

Identyum’s KYC for Mobil Leasing

Know Your Customer (KYC) is one of the most important steps of the anti-money laundering process for identifying new clients and verifying the existing ones. So before providing a leasing loan, the leasing company should collect necessary data about the client. The KYC process can be done manually but also digitally and remotely.

For Mobil Leasing to comply with strict AML/CFT regulations, it has partnered with Identyum. Identyum’s KYC process helps to reidentify existing clients of Mobil Leasing remotely and entirely digitally. Mobil Leasing’s existing customers can now verify their identity and data without the need for physical paperwork or in-person visits. The process can be completed in minutes and carried out anytime from anywhere.

Benefits of Identyum’s KYC service

When you use our KYC service, you can expect:

• Minimizing the risk of fraud through our effective digital identification process.
• An automated onboarding process that saves time and money.
• Speeding up communication with clients and ensuring they’re always happy with their experience.
• The ability to access accurate and reliable identity data at all hours of the day, so clients will never have to wait around for your company to open again.
• Differentiation from other businesses that don’t use digital processes like ours.

Are you interested in how our KYC service works? Start using it today without integration, or contact our sales team for integration possibilities ([email protected]).