In this article you will find a wide range of practical information about Creditro, data processing and business partners
The following topics are included in this article:- Who is Creditro?
- Data security
- Data processing
- Partnerships
- API documentation
- §7 and §8 of the Money Laundering Act
- Sanction lists
- Risk overview divided by country and industry
- SMTP setup
- A client wants his data deleted
Who is Creditro?
Creditro was established in 2017 with the aim of putting an end to fraud, fraud and money laundering.
We specialize in the development of intelligent software for the investigation of financial crime. We have used that experience to develop a platform that can help stop financial crime
Every day, we help our customers to collect and keep track of the extensive documentation that is required to meet the law's strict requirements for transparency and transparency in relation to §7 and §8 of the Money Laundering Act.
The same tool also includes pre-screening, credit assessment and an early-warning and anti-fraud system, which is able to identify 9 out of 10 fraudulent companies and to warn about 65% of all bankruptcies at least three months before they happen.
Among our customers are several of the country's largest companies within, among other things, the law and accounting industry, and we experience a significant influx of new customers month after month. We see this as a seal of approval for the quality of the work we deliver.
We have a close collaboration with our customers on the development of new products and features, which help to free up additional resources in a busy everyday life.
Creditro A/S has offices in both Esbjerg and Copenhagen and thus covers the whole of Denmark from east to west. You can find us at the following addresses:
Spotorno Alle 12, 1. TV
2630 Taastrup
+45 7216 1701
info@creditro.com
www.creditro.com
Østervangsvej 4C, 1. sal
6715 Esbjerg
+45 7216 1701
info@creditro.com
www.creditro.com
You can read more here: https://creditro.com/about-us/?lang=en
Data security
You can read more about our data security here: https://creditro.com/trust-center/data-security/?lang=en
Data processing
Your data processing agreement is included as an appendix to the contract with Creditro. If you need a copy, please contact customer service.
Partnerships
The strength of our platform must, among other things, can be found in the collaborations we have with e.g. Experian and Collectia, and not least in our strong network of industry associations, which continuously help to improve our solutions.
We have a strong forum for knowledge sharing with public supervisory authorities, where we collaborate to develop products and adapt our solution to the increasing requirements in legislation. Among other things. we participate in various processes and sparring with the Danish Bar Association, the Danish Financial Supervisory Authority and the Danish Business Authority.
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API documentation
You will find API documentation via the following link: https://documenter.getpostman.com/view/3407036/TzJrBJnX
§7 and §8 of the Money Laundering Act
Here is a brief review of Section 7 of the Money Laundering Act, which generally deals with the company's internal guidelines, as well as a review of Section 8 of the Money Laundering Act, which generally deals with know-your-client (KYC) and risk assessment of the client.
§7 are the company's internal guidelines, which are a determination of your company's inherent risk, procedure for reporting to SØIK, whistleblower scheme (if more than x number of employees) and money laundering courses for employees etc.
§8 is in relation to know-your-client. Here you can see when you have to do a KYC and what you have to document when you do a KYC.
When should I do KYC on my client?
• When establishing a business relationship.
• When a client's relevant circumstances change.
• At appropriate times.
• For single transactions over a certain amount.
• When offering games where the bet or payout is above a certain amount.
• If money laundering or financing of terrorism is suspected.
• In case of doubt about previously obtained information about the client.
What do I need to document when doing KYC on my client?
• Mapping of real owners and control structure
• The client and beneficial owners
• Verifies CPR number
• Name and address information
• PEP (politically exposed persons, family members or close business partners)
• Sanction check
• Risk assessment
• Geographic risk
• Delivery risk
• Product risk
• Service risk and industry risk
• Other conditions
• Ongoing monitoring
It is important to emphasize that there is more to the Money Laundering Act than the above. If you want more information, it can be found on the Danish Financial Supervisory Authority's website: https://www.dfsa.dk/
Sanction lists
We are currently checking against the following sanctions lists:
- Office of Foreign Assets Control (OFAC)
- United Nations Office on Drugs and Crime (UNODC)
- Office og Foreign Policy Instrument (FPI)
Risk overview divided by country and industry
If you would like a risk overview broken down by country and industry, please contact customer service.
SMTP setup
There is an option for an SMTP solution, so emails to your customers via stand with your domain as the sender instead of Creditro's domain. However, you must be responsible for the setup yourself and at the same time be aware that we do not have the opportunity to track the emails that are sent out. If you would like to hear more, please contact customer service.
A client wants his data deleted
If a client contacts Creditro and asks to have their data deleted, we will contact you and inform you of this. After that, it is your decision whether you still need the customer's data in order to comply with the Money Laundering Act, or whether you no longer have this need, after which we delete the data in question. We then contact the client and inform them about your decision.