Sinpex Streamlines KYB Onboarding with AI-Driven Solutions
Sinpex, a German Regtech company, is simplifying Know Your Business (KYB) onboarding, particularly for Anti-Money Laundering (AML) compliance. Led by CEO Camillo Werdich, the company uses AI to automate 80% of KYB checks, making the process more efficient for businesses and their clients.
Sinpex's proprietary tools, such as ultimate beneficial owner analysis, are crucial in its KYB exercise. The company raised €4 million in a seed round in 2021, led by Ace Ventures and TX Ventures, to further develop these capabilities.
Sinpex focuses on helping businesses comply with local regulatory frameworks, including the EU's new AML package of reforms. It offers connections to services like politically exposed persons sanctions lists and negative news data providers to build a comprehensive KYB profile.
The company has extended contracts and onboarded major clients like Raisin Bank, and formed partnerships with third-party solutions providers like Fourthline. Sinpex is also developing an AI co-pilot program for analysts to handle complex cases that require human judgment.
A German healthcare billing and software company faced challenges gathering KYB information from thousands of client pharmacies due to Germany's Anti-Money Laundering Act. Sinpex's real-time, multi-language document information extraction can automate such tasks, making the KYB process more manageable.
Sinpex is transforming the KYB landscape, making it more efficient and compliant with local regulations. With its AI-driven solutions and partnerships, the company is helping businesses navigate KYB onboarding challenges, particularly in relation to AML compliance.
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