K.A. Rasmussen - Shared AML Processes Lead to Increased Efficiency and Risk Control

For several years, K.A. Rasmussen, a Norwegian company that manufactures and purchases precious metals, has used Verified's services for various signing flows. Initially, the services were primarily used for HR matters, such as agreements and documents requiring secure signatures and identification.

About a year ago, discussions began about also using Verified's services for work in line with money laundering regulations:

We were highly involved and drove the project to adapt KYC forms and other processes in the system to our internal way of working,

ays Anita Jørandrud Sveen, HR Manager at K.A. Rasmussen.

Before they started using Verified's solutions for anti-money laundering work, they used a self-built solution. However, when updates and changes needed to be implemented, it took a long time and required development prioritization.

Now we can make most improvements ourselves directly in the interface, which saves time for us who configure the portal, and it also means that our improvements quickly reach the organization and those who use the portal daily for customer cases,

says Mette Pedersen, Quality Manager at K.A. Rasmussen.

Previously, K.A. Rasmussen had to perform their PEP and sanctions checks via a separate service and then manually transfer the information to the service that handled the rest of the AML work.

Now, in one single flow, we can initiate onboarding, create KYC forms for signing, identify key individuals, and perform PEP and sanctions checks. Furthermore, we ensure that the frequency of these checks is adapted based on the customer risk level we have set for each customer/supplier relationship,

says Anita Jørandrud Sveen.

K.A. Rasmussen has its headquarters in Norway but also operates in Sweden and Finland, with a customer base extending into Europe. They use Verified's services throughout the Nordics.

We have saved a lot of time in all our markets, and the process where everything is done and documented in one system is valuable and gives us a good overview and understanding of potential risks in our customer portfolio,

says Mette Pedersen.

In addition to the approximately 15-20 employees who use Verified's services daily, there is also a "public onboarding flow" set up on their site. Here, customers who wish to sell their metals to K.A. Rasmussen can fill in their details themselves and initiate a business relationship.

For us, the form on the site means less administration. We ensure that we collect the correct information and data about the new supplier while performing the necessary checks to start our collaboration with them. Everything is collected and documented via the AML portal,

concludes Anita Jørandrud Sveen.