Norway’s bank branches equipped with Keesing solution
02 December 2019 17:44 GMT

Keesing Technologies has reported that, together with trusted partner Risk Information Group (RIG), it has been able to implement AuthentiScan, its customer onboarding and identity proofing solution in over 96% of all physical bank branches in Norway. Furthermore, the solution is rapidly gaining ground in Sweden, Denmark and Finland.

According to the International Monetary Fund (IMF) and Eurostat, the black, or shadow, economy is estimated to represent up to 14 percent of the Nordic countries’ GDP. Funds are mainly laundered through traditional channels, such as banks and other financial institutions (FIs). In addition, FIs must  comply with strict legislation with regard to money laundering since it is publicly viewed as a social responsibility of FIs to fight financial crime. The pressure on FIs in the Nordic nations is high and secure customer identification has become a critical factor in onboarding customers.

Keesing and RIG entered into a strategic partnership to provide groundbreaking identity verification solutions to FIs in the Nordics for fraud prevention, customer onboarding and regulatory compliance. Since then, AuthentiScan has helped RIGs customers and prospects to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance regulations, while simultaneously streamlining their customer identification and onboarding processes.

A recent update to Norwegian compliance mandates requires FIs to perform an ID check not only on new customers, but also on all existing customers retroactively. The ‘re-authentication’ requirement has put customer identification and efficiency on top of the agendas of Norwegian FIs. Banks have undertaken the enormous effort of calling on their existing customers to personally visit their local bank branch to provide valid ID documents or to send in digital copies of their ID documentation. The instant need for an efficient, automated ID verification solution has never been greater. Because AuthentiScan was already an established name within the Norwegian financial sector, this resulted in a huge influx of FIs to Keesing’s solution offered by RIG, one of Norway’s top risk intelligence providers. Almost all bank branches in Norway are currently equipped with AuthentiScan for customer identification via RIG. “As customers’ reliance on mobile devices increases, transactions and onboarding processes take place online more often. At the same time, FIs must take responsibility to protect their customers and their businesses against identity fraud. Current legislation requires FIs to exercise care and due diligence in their identification procedures.  On top of that, the customer is key in the process and demands a seamless, smooth experience. Customer onboarding systems should include an easy and secure identity verification process that complies with legislation and is customer-friendly. Keesing AuthentiScan fits perfectly to this need”, says Preben Fjeld, CEO of RIG.

Keesing has been RIGs sole identity verification solution provider since  2011. The companies have worked together to offer an easy-to-use and reliable customer identification solution to the Nordic financial market. Starting in its home base Norway, RIG convinced leading banks to install Keesings flagship solution in their customer screening and onboarding processes, enabling them to better defend themselves against financial crime while instantly streamlining the process.