Company Passport for Reusable Compliance

Friend and foe agree: the implementation of anti-money laundering regulations can be more efficient and effective. This is also the focus of DNB's policy in its report "Van herstel naar balans" and the recently published KPMG report "Krachten Gebundeld." A significant source of inefficiency and frustration is the unnecessary repetition of processes. Much redundant work and unnecessary customer burden can be avoided by enabling gatekeepers to share information and collaborate in fulfilling their roles.

Digital identity with "verifiable credentials" provides the ideal technology for this purpose. It allows institutions, with the customer's consent, to exchange information at the highest level of trust, with the origin and authenticity of the information easily verifiable. The technology is "privacy-by-design," ensuring that no information can be shared without the customer's consent. The importance of privacy protection is thus maintained. By allowing gatekeepers to collaborate using this technology and customer consent, work can be reused, information shared, duplicate work avoided, and costs shared. The benefits are significant:

• A better (more complete and up-to-date) customer file
• At lower costs
• With lower customer burden
• While ensuring privacy protection.

As part of the Company Passport, a pilot is being conducted in collaboration with several established institutions and startups to develop and test a system that enables gatekeepers to responsibly share and reuse client due diligence. A digital identity wallet for legal entities, or an "Company Passport," combined with "verifiable credentials," forms the core of the system. To keep the project manageable, the pilot initially focuses on UBO determination. The project may be expanded in a subsequent stage to include other elements of client due diligence.

The project serves the societal interest of a more efficient use of resources in fulfilling the gatekeeper role. For entrepreneurs, this means a potential simplification and acceleration of onboarding and review procedures with a corresponding reduction in associated operational and financial burdens.

Institutions involved so far include TNO, Aegon-a.s.r., ABN AMRO, Intertrust, KPMG, the Chamber of Commerce (KvK), and the Royal Dutch Association of Civil-law Notaries (KNB). The project is led by Nicolaes Tollenaar (startup) and Alexander van den Wall Bake (DBC).

For a more detailed description of the pilot, please refer to the project proposal.

Companies, institutions, and industry organizations dealing with the Money Laundering and Sanctions Act who are interested in getting involved in the project are invited to contact Nicolaes Tollenaar (Project Lead Company Passport for Reusable Compliance) via nico.tollenaar@trustxchange.id or +31651845327.

or Alexander van den Wall Bake (DBC).