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News and resources on regulation, compliance, legal and governance for banks.

Hamburg Commercial Bank selects Know Your Customer for corporate client onboarding

Source: Know Your Customer

Award-winning RegTech provider Know Your Customer has added Hamburg Commercial Bank to its existing pool of corporate customers.

Know Your Customer provides best in class digital solutions for anti-money laundering (AML) and know your customer (KYC) compliance to financial institutions and regulated organisations around the world. By centralising the onboarding process for all client types within one solution, Know Your Customer strengthens compliance, reduces costs and delivers exceptional onboarding experiences to both individuals and corporate clients.

Hamburg Commercial Bank is a commercial bank specialised in providing financial products to corporate clients in the real estate as well as renewable energy and infrastructure sectors and to clients in the shipping business. Primarily based in the North of Germany, Hamburg Commercial Bank has also established its presence in the German metropolitan regions and in selected markets of Europe and Asia.

Hamburg Commercial Bank’s partnership with Know Your Customer is the result of a comprehensive digital transformation strategy undertaken by the bank. In 2018 Hamburg Commercial Bank established an internal Digital Excellence Centre (DEC) to bring together key departments of the business (such as compliance, risk, and operations) to scout and engage with best-in-class RegTech providers and start-ups to drive tangible innovation and update existing processes within the Bank.

The objective of implementing Know Your Customer’s technology is to digitise and streamline the onboarding process for Hamburg Commercial Bank’s clients, delivering a better customer experience while improving efficiency and simplifying internal processes.

Claus Christensen, CEO & Co-Founder of Know Your Customer, commented:
“As a native of Hamburg, I am particularly delighted to be partnering with Hamburg Commercial Bank, which has embarked on a remarkable innovation journey over the past few years. We look forward to working in close collaboration with HCOB to provide a streamlined KYC experience to their range of international corporate clients through our innovative digital solutions for on-going regulatory compliance.”

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