New compliance requirements from regulators – and a rapidly approaching deadline – prompted the Belgian branch of the insurance firm Baloise to seek a flexible, specialized partner capable of digitally transforming customer onboarding workflows, with short and long-term ambitions.
During the initial phase, Baloise sent letters directly to 240,000 customers to request additional KYC information, and customers responded with an impressive response rate through the secure, white label Harmoney platform within 3 months.
Because of the increasing compliance requirements defined by the ALD Automotive Group, they had to overcome the challenge of complying with the latest – and highly complex – rules in a more efficient and digitized way, as the manual process was not scalable and would have inevitably led to an expanding compliance team.
Via Harmoney, legal entity data are enriched, and related parties are instantly screened, generating a comprehensive risk score based on the ALD Automotive risk matrix. As a result, KYC/AML acceptance of low-risk clients is currently performed within seconds, which has improved the risk profile of the client portfolio in a customer and employee friendly way whilst avoiding growing the compliance teams. ALD Automotive also uses the Harmoney solution to manage the risks related to other stakeholders such as suppliers and partners.