Officially licensed and supervised by the German Federal Financial Supervisory Authority (BaFin).
Know Your Customer (KYC) refers to the verification of the customers’ or business partners’ data to prevent money laundering and the financing of terrorism as defined in the 2008 German money laundering laws (also known as AMLA or GwG). Not every company is obliged to carry out a complete KYC check, so our GiroIdent can carry out different checks for different purposes: from a simple check of the customer’s name, address, or age through to an in-depth check in accordance with paragraph 12 or 14 of the AMLA.
GiroIdent Basis allows you to quickly check the first name and last name of your customer. This way you know for sure who your customer is, that he or she is a real person, and the person you are dealing with is who they claim to be. This simple method of identity verification protects you and your customers from identity theft and from being tricked by false profiles or automatic bots.
Why bother stealing things from shops? If you have someone’s online details, you can get them to pay for what you want – and have it sent anywhere you want. So checking a customer’s correct address essential, especially for higher-priced goods. This prevents the the use of false addresses and identities, and saves your company and potential victims a lot of trouble and money.
Identity fraud using the details of recently deceased persons is common. GiroIdent GwG compares names with the comprehensive SCHUFA database, and checks that the person you are dealing with is still alive. And another security-risk has been dealt with thanks to finAPI.
Youth protection laws make it illegal to sell goods like tobacco or alcohol to people under 18. Under 18’s are also not allowed to buy films and computer games rated 18, what a gamble. If you provide any of these goods or services, you are obliged to check your customers’ age. With GiroIdent Youth Protection, this is easily done via the user’s bank account. The payment can also be made in combination with the age verification via finAPI online bank transfer.
finAPI GiroIdent Youth Protection has been positively awarded by the Commission for the Protection of Minors in the Media (KJM) as a system for age verification (AVS concept) for closed user groups in telemedia. More about KJM certification of GiroIdent Youth Protection.
In business areas where there is only a low risk of money laundering or the financing of terrorism, a KYC check in accordance with the simplified due diligence requirements according to paragraph 14 of the German money laundering law is possible. GiroIdent GwG can help you to fulfil simplified due diligence obligations. Check Annexes 1 and 2 of paragraph 14 of AMLA/GwG to see what applies to your business, or seek legal advice.
Paragraph 12 of AMLA/GwG requires banks, financial companies, insurance companies, auditors and tax consultants, real estate agents, casinos, trustees, or lawyers carrying out certain financial transactions, and all “persons who trade commercially in goods” to verify the identity of their customers – for details, see paragraph 2 of AMLA/GwG. GiroIdent in combination with the SCHUFA myConnect-Hub is a digital solution that provides the level of verification required by law and allows you to focus on your real business.