Compliance involves adhering to legal obligations in business. For banks, it has long been a significant focus area, but now even ordinary companies must engage in activities like preventing money laundering.
A key part of compliance is knowing your customers. Companies must identify who owns their client companies to avoid transactions with entities on international embargo lists. These mandatory lists, and the need for deeper knowledge of customer ownership structures, have altered company processes in recent years.
“The war in Ukraine has led companies to comply with stricter sanctions, affecting also eastern trade opportunities. Businesses now scrutinize the backgrounds of both new and existing customers more thoroughly. While sanctions control is legally required in many industries, some companies also perform inspections as part of their commitment to responsible and sustainable business operations,” says Teemu Kettula, Compliance Stream Lead at Enento.
“It is good to remember that when dealing with those on the blacklist, the company not only violates the regulations, but also takes a big risk of losing its money. Banks are very strict when it comes to compliance and stop money transfers if the other party is on the sanctions list,” notes Kettula.
The process of getting to know the customer works most smoothly so that most of the information is reliably checked in the background, without bothering the customer. Enento, covering its subsidiaries Asiakastieto in Finland, UC in Sweden, and Proff in Norway, offer data and services in channels where the customer can easily use them. In terms of compliance services, the most important service methods are logged in online user searches, computer to computer API calls and batch checks.
Our strong compliance offering in Finland, Sweden and Norway covers the following screening and monitoring services:
- Know Your Customer (KYC) services including
- Basic information
- Financial information
- Persons in charge
- Ultimate beneficial owners
- Ownership structures
- Group structures
- Population registry information
- Trade registry documents
- Politically Exposed People (PEP)
- Sanctions and asset freezing lists.
Fraud services
Fraud is a current issue as in recent years, the sophistication of fraud schemes has increased, with perpetrators employing advanced techniques to deceive individuals and organizations. At Enento, we tackle this issue by offering our customers a range of fraud prevention services designed to help our customers reduce credit losses, lower operational costs, and ensure compliance. Our offering covers both consumer and company fraud. For consumers, we collaborate with other companies for device and pattern recognition. For companies, we develop AI-driven solutions to predict and prevent fraud.
In Finland and Sweden, we offer online services like Omatieto.fi and MinUC.se, which include ID protection services to help consumers understand and manage their finances and protect them from identity theft and fraud.
