What is the goal of an onboarding / KYC workflow?

The goal of an onboarding and KYC (Know Your Customer) workflow is to integrate new customers smoothly and efficiently into your company's systems while ensuring compliance with legal requirements. While the requirements for the KYC process are set by the German Anti-Money Laundering Act (GwG) for all industries and are interpreted very similarly across them, the business requirements of the onboarding process vary widely depending on the industry your company operates in.

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The video shows an example of the elements of the onboarding / KYC workflow.

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