VIENNA--(BUSINESS WIRE)--Austrian-based RegTech firm kompany signed a multi-year contract with RBI for the development and implementation of a fully 4AMLD & MiFiDII compliant and audit-proof Business KYC (Know Your Customer) solution. As the leading global cloud-based platform in its industry, kompany stands out by providing real-time and audit-proof information from government sources, filling the void left by incumbent business information providers. kompany defined the blueprint for Business KYC while taking part in RBI’s FinTech accelerator program, Elevator Lab, thus closing the gap between compliance processes and regulatory institutions.
kompany Founder and CEO, Russell E. Perry, is excited about signing RBI as a client and extending the company’s partnerships. Speaking from the Bloomberg Breakaway event in New York this week, Perry said “Under AMLD4 and MIFID II, it is already a compliance requirement for financial institutions and banking groups to switch to audit-proof KYC. Business is built on trust, but verification — especially in a global environment— is absolutely crucial.” Both kompany and RBI are now moving into the implementation phase of the Business KYC solution.
Johann Strobl, CEO of RBI, is looking forward to lowering the time and cost required to achieve regulatory compliance and hopes the deal will give RBI a competitive edge. Strobl stated, “Cooperating with kompany helps us reach this goal by streamlining our processes with cutting-edge technology and servicing our global clients faster.”
kompany provides real-time access to audit-proof commercial register data, including company filings covering more than 100 million companies in 150+ jurisdictions for customer onboarding (KYC), anti-money laundering (AML), enhanced due diligence (EDD) and ongoing compliance processes. Furthermore, kompany provides additional services such as translations, PEP & Sanctions checks and a range of advanced solutions. kompany is an official clearing house of the government of Austria and an official distributor of the European Business Register and local business registers worldwide.
About Raiffeisen Bank International (RBI)
RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 14 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A. In total, around 50,000 employees service 16.6 million customers through more than 2,400 business outlets, the majority thereof in CEE. RBI's shares are listed on the Vienna Stock Exchange. The Austrian Regional Raiffeisen Banks own around 58.8 per cent of the shares, the remainder is in free float. Within the Austrian Raiffeisen Banking Group, RBI is the central institute of the Regional Raiffeisen Banks and other affiliated credit institutions and renders important services in this function.