Solve KYC compliance long-term

To all compliance teams – we got you! Our solution for digital identity proofing enables you to obtain the required set of personal data needed for ID verification fully compliant with KYC, KYB and AML regulations.

pictures for new web site 27
logo unicreditbulbank resized
logo ubb resized
logo dskbank resized
vodafone logo
logo procreditbank resized
logo.php
logo allianz resized
logo raiffeisenbank resized
logo fibank resized
logo ibank resized
logo mastercard resized
logo poc doverie resized
logo a1 resized

Advantages for your business

icons for new web site 40

Legal liability is on us

Outsource your customer verification with us. Eliminate fraud with a qualified trust service solution used by hundreds of organizations internationally.

icons for new web site 29

User-friendly

Effortless process for the end customer – less steps of fill manually, no mistakes in personal data as it is automatically populated in the required fields.

icons for new web site 37

Superb experience

80% of customers have had a bad experience with traditional KYC processes. Digitalization saves time, helps prevent fraud, and brings higher satisfaction levels.

KYC and KYB: how it works

Using best-in-class technology, data attributes are extracted from a valid ID document via OCR or NFC and checked against a primary source where available. We perform complete background expert checks on all verified profiles and ensure personal data is valid. For organizations we verify company data attributes, ownership structure and split, representation power and ultimate beneficial owners – all these fully extracted by primary source.

kyc and kyb how it works

Success stories

See why 300 blue chip organizations and over a million active users in the mobile application rely on Evrotrust:

Financial services

“Evrotrust is the first company of its kind in Europe that offers remote and qualified e-identification along with the full package of information services – e-signature, e-delivery, e-timestamps, e-authorization and validation.

The partnership between Evrotrust and Mastercard is proof of the unlimited scale that Bulgarian companies can reach.”

Vanya Manova
Mastercard Country Manager for Bulgaria, Republic of North Macedonia, Albania and Kosovo at Mastercard

Evrotrust’s innovative solutions help DSK Bank to provide more sophisticated and modern digital services to our clients. Thanks to our partnership we create added value for our clients, saving their time and efforts. With the digital certificates of Evrotrust our clients can use a wide range of services that do not require personal visits in our offices – applying, receiving and using consumer loans, signing an additional agreement on an already granted loan, remote solutions for operations that require a handwritten signature, etc. This allows us to improve constantly our services and to automate some processes in the bank.

Vasil Dimitrov
Head of Implementation of initiatives and projects at DSK Bank
Public services

Burgas Municipality offers a lot of electronic services that are available not only with standard e-signatures and Universal Electronic Signature (UES) of the National Revenue Agency, but also through Evrotrust’ s e-identification. Our statistics show that in 2019 e-services have increased by 15% compared to 2018, and by the end of 2020 we expect an increase of 40% compared to 2019. It is very useful to have alternatives for access to e-services in COVID-19 pandemic. It is also a convenience for consumers. Using Evrotrust does not require a visit to an office to issue a certificate in difference with other certification service providers. So, the use of Evrotrust’ s e-services is the most modern and appropriate solution.

Engineer Atanas Sirekov
Head of Information Services and Technology at Burgas Municipality
logo budeshte

We become the first Bulgarian pension company that enables people to choose and change their pension fund through smartphones thanks to Evrotrust. Thousands of people benefited.

Andrey Shotov
CEO at PAD Budeshte

The digitalisation of services is inevitable and it is crucial for us to have a reliable partner in this process. It is very important for our company to provide an online opportunity for all insured persons to become our clients without going through clumsy and costly offline procedures. In addition it is very important for all our clients to have constant access to the information about their account and to be able to benefit from the services we provide in the portal Moeto Doverie. It is easy with an e-signature. The partnership with Evrotrust is of inestimable value for the successful implementation of this project. I am pleased to note that the result of our joint work consists of all the characteristics we are looking for – fast, convenient, user-friendly and complying with all modern requirements for personal data protection.

Daniela Petkova
Chairman of the Management Board at PAC Doverie
Telecom
logo telenor

As a successful and reliable business partner in Bulgaria, Telenor has always strived to meet the needs and expectations of its clients. So, we are upgrading constantly and adding value to our services by providing innovative solutions. In partnership with Evrotrust, we have been able to provide a digital application that brings comfort, security and freedom of action to our clients. E-signing of documents is extremely important for them as the need for flexibility and speed in daily life are growing. In addition, it is another way to support our long-term strategy for environmental sustainability.

Vladimir Hristov
Head of Business sales and marketing at Telenor Bulgaria

We are glad that Evrotrust is our partner in providing “One Click” A1 electronic signature. The application allows A1 clients to view and sign documents through smartphone easily, conveniently and independently of their location. The service is innovative and allows us to sign easily and quickly contracts through a qualified electronic signature (QES) without visiting our store. It is completely safe and free through smartphone or tablet. Services like “One Click” A1 electronic signature help our clients be responsible to the natural environment, but also for greater safety in COVID-19 pandemic. It is important to us that together with Evrotrust, we provide our customers with the opportunity to prove quickly, easily and securely their identity in banks, telecom operators and government institutions.

Valentin Stoev
Senior Project Manager at А1
Education
logo unwe sofia

Using Evrotrust’s services University of National and World Economy (UNWE) conducted entrance exams, as well as implemented an online new students enrollment system. Evrotrust helps us in the processes of identification and authentication of the candidates and of the new students. We tried a lot of opportunities for facial and ID card recognition that worked very well. The system worked smoothly and Evrotrust’s employees supported us when it was necessary. All financial issues were settled quickly and correctly, so we would continue the cooperation with Evrotrust.

Prof. Sc.D. (Econ) Valentin Kisimov
Director of the Center for Computer Innovative Systems at UNWE

FAQ

What are KYC and KYB?

These two terms stand for “know your customer” and “know your business,” respectively. They refer to the practices of businesses and organizations collecting basic information about their customers in order to be able to provide products or services to them.

Why are KYC and KYB compliance important to businesses?

Verifying the identity of a customer, whether it be an individual or a company, is required by anti-money laundering (AML) regulations. It is done to prevent suspicious activity and ensure the customer or business is legally allowed to use the product or service offered.

For instance, politically exposed persons, people with suspected involvement in terrorist activity, or entities on sanctions lists cannot use financial services as per the regulatory requirements. This limit helps prevent money laundering or the funding of terrorism.

Without a thorough KYC process, you risk providing services to someone against the law. In turn, this makes your organization liable for serious regulatory violations.

What steps does the complete KYC/KYB process include?

Identity verification is a major component of the KYC/KYB procedure. However, there are a few additional steps in a well-rounded KYC or KYB policy.

In addition to identity and document verification, organizations need to also assess the risk level of the user or business, establish policies for continuous monitoring to prevent account fraud, and perform all due diligence maintaining an archive of records.

How does Evrotrust verify identities for KYC/KYB purposes?

Identity verification as part of know-your-business (KYB) and know-your-customer (KYC) involves a few steps.

First, we begin by asking the customer to provide valid proof of ID, which is scanned via NFC or OCR. We analyze the data obtained to look for their personal details.

Then, we verify this data with authoritative registries to confirm its validity. We also check if this is a high-risk person or organization (someone with suspected involvement in illegal activities or a politically exposed person).

The next step in verifying a customer’s identity is a biometric scan. We perform an AI-assisted liveness check to ensure the user matches the person in the ID document provided.

This data is further reviewed by our expert team before we clear the user and finalize the identity verification.

What information do we collect in the KYC and KYB processes?

We gather personally identifiable information such as name, date of birth, nationality, ID document number, date and country of issuance, date of expiry, photo, etc. These attributes are crucial for accurately identifying a person.

As for the KYB process, we check the company’s attributes, internal structure, beneficial owner information, and other details pertinent to identifying a business.

What are the potential issues with KYC/KYB noncompliance?

Without performing proper customer due diligence (CDD), your business may accidentally violate anti-money laundering legislation. Servicing criminals is a punishable offence and may result in hefty penalties, including prosecution. 

As a result, all legitimate businesses must implement a customer identification program (CIP) to stay compliant.

What are the benefits of using Evrotrust for KYC and KYB compliance?

By using our KYC/KYB solution, you shift the legal liability for correctly identifying the customers from your organization to Evrotrust. Our company is an eIDAS-recognized eID scheme and bears full responsibility for identity verification. 

Moreover, our solution is AML and CFT compliant. Thus, you do not need to invest in third-party AML certification. 

Tackle all of your compliance needs with a single solution

Effortlessly comply with AML, KYC, and KYB policies with Evrotrust. The legal liability is on us.

dsc01163[15]