AML shouldn't be rocket science
The quick answer is laziness. Elaborated, it was the outsourcing of the "completely tedious paper - and routine work." These are the reasons accountant Mette Quottrup automated her KYC and AML processes.
At an accounting event with audit firms and routine credit assessment work that she was fed up with, was the starting point for Mette Quottrup and Creditro’s collaboration.
"There was something about getting that outsourced, let's call it completely tedious paper - and routine work," says Mette Quottrup.
KYC made easy
The "deadly" work meant that she often looked forward to 1-2 hours of time consumption per customer and sometimes more when the last few answers required a few reminders. It is both time and resources that Mette Quottrup wanted to spend on something other than money laundering control.
”It's the most accessible money earned for me.” says Mette Quottrup and continues:
”I must enter a small amount of information; a name, a CVR number, perhaps a social security number, email address, and a telephone number, and then a tiny five-line description, and then it's done. I don't have clients with massive concerns. They are such small clients.”
Your customer has the answers anyway
Mette Quottrup has used other systems in the past, but her experience was that she had to enter a "long blurb," even though it was the same information that she gave repeatedly. She sees an advantage in questionnaires being sent directly to the customer.
”Somewhere, they should be the ones who answer the questions. They are the ones who know the answer, it's not us, regardless of how we twist and turn it," says Mette Quottrup, elaborating that if you tell the customer the premise beforehand, you often have their response within an hour.
"After all, I have a lot of rentals, and it's just a little side job, and shouldn't make money laundering into rocket science," she emphasizes and concludes:
”This is easy and straightforward, and it goes quickly.”