COREDO > Compliance Services > KYC/KYB Screening: Customer Due Diligence (CDD)

KYC/KYB Screening: Customer Due Diligence (CDD)

Verifying Clients and Counterparties

KYC/KYB screening is Customer Due Diligence: the checks on clients (KYC — Know Your Customer) and business counterparties (KYB — Know Your Business) that EU anti-money laundering legislation requires of financial companies. With a well-built process you take on new clients with confidence and can show your regulator and partner bank at any moment how you check them.

COREDO has worked in AML/compliance since 2016 and takes on the full design and execution of KYC/KYB processes — from drafting policies to daily screening and monitoring.

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Cost of the service
from EUR 550

Regulatory Framework: Why Client Checks Are Mandatory

It is the law, not only your partner bank, that obliges a financial company to check its clients and counterparties. The requirements for your KYC/KYB process, today and after the reform, are set by:

AMLR — Regulation (EU) 2024/1624

The EU’s single AML rulebook, which is directly applicable in all member states and applies from 10 July 2027. It sets out when and how clients must be checked (Arts. 19–26), when enhanced measures are needed (Art. 34), how to deal with politically exposed persons (Arts. 42–46) and how to identify beneficial owners (Arts. 51–53).

National AML Laws Based on Directive (EU) 2015/849

Until 10 July 2027, client checks are governed by national laws adopted on the basis of this directive; the directive is repealed from that date. In the Czech Republic, this is Act No. 253/2008 Coll.: compliance with it is supervised by the Finanční analytický úřad (FAÚ) and, for companies supervised by the ČNB, also by the Česká národní banka.

AMLD6 — Directive (EU) 2024/1640

The sixth AML directive: EU countries transpose most of it into national law by 10 July 2027, and the provisions on access to beneficial ownership registers as early as 10 July 2026.

AMLA — the European AML Authority

The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) in Frankfurt has been operating since 1 July 2025. From 2028, it will directly supervise selected financial companies — those operating in at least six EU countries and carrying a high residual risk.

What KYC/KYB Screening Includes

Customer Due Diligence at COREDO covers the full client check cycle — from first contact to regular reviews of the client’s profile. You can hand us the whole cycle or only the parts your own team does not have the capacity for:

01 — Client Identification (Customer Identification Program, CIP).

We collect the client’s data and confirm their identity against reliable, independent sources. You are left with a client file you can show any inspector with confidence.

02 — Standard Due Diligence (Standard CDD).

We check every client you enter into a business relationship with, and every occasional transaction at or above the threshold set by law. We establish the purpose of the relationship and the nature of the client’s business, and assign the client a risk category.

03 — Enhanced Due Diligence (EDD).

We look more deeply at high-risk clients: we request additional information on the client and its beneficial owners and verify the source of funds and origin of capital. Politically exposed persons (PEPs) stay on the enhanced procedure even after they leave office: for at least 12 months, and longer for as long as the risk associated with them persists. Current AML laws require this, and so does AMLR from 10 July 2027.

04 — KYB: Checks on Legal Entities.

We take apart the corporate structure and registration documents and identify the ultimate beneficial owners (UBOs) — the people who own more than 25% of the company (under AMLR from 10 July 2027, 25% or more) or control it by other means. You know exactly who stands behind your counterparty.

05 — Sanctions and PEP Screening.

We check clients and beneficial owners against sanctions lists and PEP registers and screen for adverse media. For every match, we prepare a report with a risk assessment and a recommendation on what to do next.

06 — Ongoing Monitoring.

We monitor transactions and keep client data up to date on schedule. We set up Perpetual KYC (pKYC): a review is triggered by events — a change of beneficial owner, an unusual transaction, a new entry on a sanctions list — and not only by the calendar.

You direct your package hours to any of these blocks — from individual checks to full outsourcing of your KYC/KYB function. Either way, the result is the same: for every client, you have a decision and the documents that back it up.

KYC/KYB Screening: Who It Is For and Where We Work

Every company subject to EU AML legislation needs this service. We tailor the procedures to the requirements of the local regulator and the national financial intelligence unit (FIU): in the Czech Republic, this is the Finanční analytický úřad (FAÚ), and companies supervised by the ČNB are also supervised by the Česká národní banka.

We also run KYC/KYB in global financial centres. In Canada, we work to the requirements of the PCMLTFA and FINTRAC; in Switzerland, under the AML Act: supervision lies with FINMA or the SOs and SROs it has authorised, and suspicious activity reports go to MROS. In Dubai (excluding DIFC), we follow VARA rules for companies dealing with virtual assets.

The clients who come to us most often are:

Payment Companies

Electronic money institutions (EMI) and payment service providers (PSP).

Crypto Business

Crypto companies and crypto-asset service providers (CASP) under MiCA.

Banks and the Investment Sector

Banks and credit institutions, investment funds and asset management companies.

Forex and Betting

Forex brokers and betting operators.

Auditors, Notaries and Tax Advisers

Auditors and tax advisers check their clients as obliged entities; notaries do so when they take part in a client’s transactions involving real estate, companies, money or accounts.

Estate Agents

Intermediaries in property transactions and, when properties are let, from the monthly rent threshold set by law.

What We Review at the Start

We begin designing or outsourcing your KYC/KYB with an analysis of your company’s baseline information:

Existing AML processes

your policies, procedures and onboarding infrastructure, if you already have them: we check them against the applicable requirements and identify gaps and risks.

The business model of a new company

if you have no AML documents yet, we start by analysing your business model and regulatory environment.

Client base and jurisdictions

which clients you work with and in which countries: this determines the scope of the checks and the project timeline.

On this basis, we assess the scope of work and choose the right package of hours.

How We Work

We work across the full cycle — from audit and policy drafting to daily checks and staff training.

Audit of Current Processes — Project Kick-off

We review your KYC/KYB policies and Customer Due Diligence procedures against AMLR and national legislation. You get a clear picture of what already works and what needs improving before an inspection by the regulator or your partner bank.

01

KYC/KYB Policy Development — 2–4 Weeks

We create or refine identification, verification and monitoring procedures for your business and jurisdiction. A core set of CDD policies and procedures is ready within 2–4 weeks.

02

Full Implementation — 6–12 Weeks

We build the KYC/KYB processes into your day-to-day operations, set up transaction monitoring and screening, and train your staff. Full implementation, including systems integration and training, takes 6–12 weeks.

03

Ongoing Support — Every Day After Launch

Every day, we carry out KYC/KYB checks, review your client base on schedule and update your procedures whenever regulatory requirements change. COREDO specialists are interchangeable, so the checks continue without breaks for holidays or sick leave.

The COREDO team works with EMIs, PSPs, CASPs, forex, casino and betting businesses, so the sector risks of your business model are familiar ground for us.

04

Pricing

KYC/KYB screening is part of COREDO’s AML packages, and you can pay for the work in two ways: with a monthly package of hours or by the hour for a one-off task. You buy a package for a month and spend its hours on whatever you need right now: client checks, monitoring or refining your procedures. The price of each monthly package is fixed:

Package	Hours	Price	Additional hour
Minimal	5	EUR 550 + VAT	EUR 110 + VAT
Light	10	EUR 1,000 + VAT	EUR 100 + VAT
Standard	20	EUR 1,800 + VAT	EUR 90 + VAT
Extended	40	EUR 3,200 + VAT	EUR 80 + VAT
In-depth	80	EUR 5,600 + VAT	EUR 70 + VAT
Complete	160	EUR 9,600 + VAT	EUR 60 + VAT

The additional-hour rate is fixed in every package, so you know your budget in advance.

One-off tasks outside a package are charged by the hour:

up to 5 hours — EUR 130 + VAT per hour;
from 20 hours — EUR 100 + VAT per hour;
from 80 hours — EUR 80 + VAT per hour.

Tell us about your client base — the initial assessment is free: based on it, we will recommend a package and give you a budget before any work begins.

Our Experts

KYC/KYB projects are led by COREDO’s specialist team with experience in compliance support for financial and crypto organisations since 2016.

Gregory Lutsenko

Head of Compliance at COREDO. Has headed the AML/CFT division since December 2020, specialising in audits, policy development, and regulatory engagement.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Frequently Asked Questions

What determines the timeline of a KYC/KYB project?

Three things: how many clients you have, how many jurisdictions you operate in and how complex your existing onboarding infrastructure is. The more precisely you describe them in your application, the sooner we will confirm the timeline for your project.

What happens if COREDO finds a problematic client during screening?

We flag the client and prepare a detailed report with a risk assessment. We then recommend action according to the level of risk — from requesting additional documents (EDD) to ending the business relationship. If the situation calls for a Suspicious Activity Report (SAR), we advise you on that obligation and agree the next steps with your MLRO.

Can the KYC function be fully outsourced?

Yes. COREDO performs KYC functions in place of in-house staff: we identify and verify clients at onboarding, monitor transactions, carry out periodic reviews and prepare reports. You save on hiring an in-house compliance officer. You set the scope yourself: your package hours go to the tasks you hand over to us.

We are only just launching and have no AML documents yet. Where do we start?

With an application. For a new company that has not yet launched, COREDO builds a complete KYC/KYB framework from scratch: we start by analysing your business model and regulatory environment, and then prepare policies and procedures to fit it.

Do our KYC procedures need to change by 10 July 2027?

Yes — from that date, AMLR, Regulation (EU) 2024/1624, applies. The general threshold from which CDD is mandatory for occasional transactions is falling. Today, checks are required for transactions of at least EUR 15,000 (Directive (EU) 2015/849, Art. 11), and under AMLR for transactions of at least EUR 10,000 (Art. 19). For transfers of funds, CASP transactions, cash and gambling, AMLR sets separate, lower thresholds. Data on high-risk clients must be updated at least once a year, and on all other clients at least once every five years, as well as whenever their circumstances change (Art. 26). In our audit, we check your procedures against AMLR and update them in advance.

Does COREDO train staff to carry out CDD?

Yes. CDD practice and KYC/KYB procedures form a separate module of our corporate AML training. The core training for your compliance department lasts 6 hours; the programme, price and terms are on the AML Training page.

Consult Our AML Experts

Tell us about your business and client base — the initial assessment is free. All the information you share with us stays confidential, and after the assessment our specialists will recommend the best service package for you. If you need the checks urgently — ahead of a regulator’s visit or a request from your partner bank — say so in your application and we will start with it.

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