Milenko Keserovic (Compliance Manager at OneLife) and Luc Maquil (Co-founder of KYC Tech) shared the first steps of the collaboration between their two companies during the RegTech Summit which took place at Luxembourg-Kirchberg on 12^th October. “One click, One KYC report” actually best describes their common Compliance – or Reg – and Technology – or Tech – project.

“Technology makes compliance more efficient. It facilitates administrative tasks and allows employees to work on projects with added value” started Luc Maquil, who co-founded KYC Tech with his partner Thierry André to help answer the growing challenges posed by regulatory constraints. “We have a symbiotic approach, as we look to apply our RegTech solution in an efficient way for the business” explained Mr. Maquil. The solution is composed of multiple ingredients, the first one being raw data (PEP lists, terrorists lists, sanctions lists…) which can also be extracted from the internet, social media, etc. Workflow is also a crucial step: who undertakes the action? What needs to be done? Exchange and collaboration are key. Then comes architecture: identify, select, plug and comply.

“Save time and focus on added value”

Milenko Keserovic then took the stage to go over the collaboration between OneLife and KYCTech. “When we onboard a new client, we face a number of regulatory constraints. First of all, we need to screen the name of the client – client being a generic term, also meaning entities and not only the holder of the policy” started the Compliance Manager, who continued: “These tasks are currently being done manually. KYCTech has a fully automated solution: when we register a client into the database, the system makes an automatic call to the platform and the results come back in just a few seconds”. Then, the Compliance team can easily decide whether to onboard the new client or not. “The results are positive. Clients are categorised in the right way and the tool is user-friendly. It has a lot of benefits: no manual work means less risk of error” explained Milenko.

KYCTech also provides OneLife with an Enhanced Due Diligence (EDD) solution. Here again, work is currently being done manually, and experts have to devote a lot of time to collect information and documents. “The RegTech startup is able to offer an EDD report which we have tested: we send a request and receive a comprehensive report within the next 48 hours. We can then focus on analysing the file” added the Compliance Manager who describes the report as “accurate, useful and full of information”. The tool is automated, simplified, immediate and cost efficient. Moreover, the two experts are also currently developing solutions to facilitate the tasks of the compliance team when it comes to dormant policies.

Finally, Milenko Keserovic explained that on the one hand this project has been managed in an agile way, based on exchanges and interaction between the teams of KYCTech and OneLife. On the other hand, the RegTech startup tries to understand how OneLife employees work, what and why they do it. Milenko Keserovic and Luc Maquil can only agree on this exciting project: “We both realise more and more that technology can really be helpful and allows employees to save time which can be used for tasks where human judgment is needed”.