COREDO > Legal Protection for Business > Customer Due Diligence (KYC/KYB)

Customer Due Diligence (KYC/KYB)

KYC/KYB Screening: Client and Counterparty Verification

Financial companies in the EU are required to conduct Customer Due Diligence — verification of customers (KYC — Know Your Customer) and business counterparties (KYB — Know Your Business). This requirement is established by anti-money laundering legislation. COREDO takes on the full design and execution of KYC/KYB processes, from policy development to daily screening and monitoring.

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Cost of the service
from EUR 550

Regulatory Context: Why Customer Due Diligence Is Required

COREDO designs every KYC/KYB procedure on the following rules; together they define when and how thoroughly your company must verify its clients:

AMLR — Regulation (EU) 2024/1624

part of the EU AML Package 2024 that sets the customer due diligence duties of obliged entities. Article 22.1 governs client identification; from 10 July 2027, single transactions from EUR 10,000 (instead of EUR 15,000) require CDD.

FATF Recommendation No. 10

the international standard on customer due diligence, which COREDO follows alongside EU law when designing your KYC/KYB procedures.

National regulators

EU rules apply together with the local requirements of each country’s regulator, for example the ČNB, the Ministry of Finance or the national FIU. COREDO adapts procedures to the regulator of every market where you onboard clients.

What COREDO Does in Customer Due Diligence

Customer Due Diligence at COREDO covers the complete client verification cycle.:

Customer Identification Program (CIP)

initial client identification: collection and verification of personal data (name, citizenship, address) from authoritative sources in accordance with Article 22.1 of AMLR.

Standard CDD

standard verification when establishing business relationships or for single transactions from EUR 10,000 (threshold lowered from EUR 15,000 under AMLR (EU) 2024/1624, effective from 10 July 2027).

Enhanced Due Diligence (EDD)

enhanced verification for high-risk clients. This includes business relationships with substantial assets (from EUR 5,000,000) or net worth (from EUR 50,000,000). Politically exposed persons (PEP), including siblings, require EDD for at least 12 months after cessation of public office. These thresholds establish different risk levels and degrees of verification.

KYB — Verification of Legal Entities

identification of Ultimate Beneficial Owner (UBO) with a 25% threshold (possibly 15% for high-risk sectors), verification of corporate structure and registration documents.

Ongoing monitoring

continuous transaction monitoring and periodic data re-confirmation: for high risks — annually, for medium risks — once every three years, for low risks — once every five years. Perpetual KYC (pKYC) — automation of checks by triggers instead of fixed intervals.

Sanctions & PEP screening

screening against sanctions lists, PEP registries, and adverse media.

Jurisdictions We Serve

COREDO delivers KYC/KYB Customer Due Diligence services to companies in the following jurisdictions: Czech Republic, Estonia, Poland, Lithuania, Latvia, United Kingdom, Germany, France, Spain, Austria, Cyprus, Malta, Singapore, and Hong Kong. We adapt KYC/KYB procedures to local requirements of each regulator (ČNB, Ministry of Finance, national FIUs).

KYC/KYB Screening Beyond the EU

Beyond the European Union, COREDO provides KYC/KYB services in key global financial centres where regulatory frameworks are equally stringent:

Canada — FINTRAC KYC Standards

Identification: Mandatory collection of personal data (name, address, occupation) and Photo ID verification prior to onboarding.
Beneficial Ownership: Mandatory registration of owners (25% threshold or control) in the federal registry.
OSFI Standards: Risk-based approach and continuous monitoring for banking institutions.
Enhanced Due Diligence (EDD): Mandatory for PEPs and clients with assets exceeding 5M CAD.

Switzerland — FINMA and AMLA Compliance

FINMA Regulation: Documentation of beneficiaries, source of funds, and business purpose under the AMLA act.
CDB 20 Agreement: Stringent identification of high-risk clients and regular data updates.
Ownership Control: Verification of all beneficial owners with a stake of 25% or higher.
Private Banking: Additional oversight and scrutiny for large investment portfolios.

Dubai and UAE — VARA and CBUAE Frameworks

VARA (Crypto): Enhanced CDD and reporting for digital asset service providers in Dubai.
CBUAE Standards: Unified KYC/KYB procedures across all Emirates in line with FATF norms.
DFSA & ADGM Zones: Strict control of PEPs and high-risk jurisdictions within financial centers.
AML Law No. 20: Identification of beneficiaries (15% threshold for finance, 25% for others) and SAR filing to the FIU.

COREDO has experience implementing compliant KYC/KYB procedures in all three jurisdictions, ensuring proper client onboarding, ongoing monitoring, and regulatory reporting to local financial intelligence units.

Case Studies

Case 01Payment Service Provider in Czech Republic.

A Czech PSP with 500+ clients required KYC/KYB policies and CDD implementation compliant with AMLR 2024/1624. COREDO developed comprehensive screening procedures, configured real-time transaction monitoring systems, and trained 15 employees. ČNB inspection completed without violations; all client records properly documented per regulatory standards.

Case 02UK Cryptocurrency Exchange Expanding into Estonia.

A UK crypto exchange entering Estonia market needed immediate KYC/KYB screening for PEP clients and enhanced due diligence (EDD) procedures. COREDO performed full client re-verification, configured ongoing monitoring for high-risk profiles, and appointed outsourced MLRO oversight. Operations launched within 4 weeks of regulatory engagement with full compliance.

Case 03Investment Firm in Germany.

A German investment advisory firm required comprehensive KYC/KYB screening for 2,000+ retail and institutional clients. COREDO implemented tiered screening (basic, standard, enhanced), updated client profiles for regulatory changes, and set up annual re-certification. Full client database compliant within 3 months; BaFin approval obtained without data quality concerns.

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Who Needs This Service

KYC/KYB Customer Due Diligence is mandatory for all organizations subject to EU AML legislation:

electronic money institution issuers (EMI) and payment service providers (PSP);

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

banks and credit institutions;

investment funds and asset managers;

forex brokers and betting operators;

auditors, notaries, and tax consultants;
real estate agents (when rental income is EUR 10,000 per month or more).

Required Documents

To initiate KYC/KYB design or outsourcing, COREDO requires the following from your organisation:

Existing compliance documentation

current AML policy, risk assessment methodology, KYC procedures (if any)

Regulatory licence or registration

copy of your EMI/PSP/CASP/other licence or registration certificate

Client list structure

anonymised breakdown of client types, volumes, and risk categories

Internal systems overview

description of onboarding software, transaction monitoring tools, and screening vendors currently in use

Jurisdiction scope

list of countries where your company onboards clients or operates

For new companies (pre-launch), COREDO can build the full KYC/KYB framework from scratch without prior documentation.

Our Process

Audit of current processes

analysis of existing KYC/KYB Customer Due Diligence policies and procedures, assessment of compliance with AMLR and local legislation.

01

KYC/KYB policy development

creation or refinement of Customer Due Diligence identification, verification, and monitoring procedures tailored to business specifics and jurisdiction.

02

Implementation

integration of KYC/KYB processes into operations, setup of transaction monitoring and Customer Due Diligence screening systems.

03

Ongoing support

daily execution of KYC/KYB checks, periodic review of client base, procedure updates when regulations change.

04

Pricing and Rates

KYC/KYB Customer Due Diligence services are provided as part of COREDO’s AML packages:

Volume	Hours	Cost	Per Additional Hour	Suitable For
Minimal	5	EUR 550	EUR 110	Initial CDD and basic KYB
Light	10	EUR 1,000	EUR 100	—
Standard	20	EUR 1,800	EUR 90	Regular monitoring of low-risk clients
Enhanced	40	EUR 3,200	EUR 80	—
Detailed	80	EUR 5,600	EUR 70	EDD and comprehensive verification
Complete	160	EUR 9,600	EUR 60	Full KYC/KYB outsourcing

One-off services: EUR 130/hour for small volumes (up to 5 hours), EUR 100/hour (20+ hours), EUR 80/hour (80+ hours).

All prices are exclusive of VAT.

COREDO Advantages

Continuous practice since 2016

ongoing work in AML/compliance in the EU and beyond.

Sector specialization

practical CDD experience for EMI, PSP, CASP, forex, casino, and betting industries.

Transparent pricing

packages from EUR 550 with fixed cost per additional hour (EUR 60–110 within packages; EUR 80–130 for one-off engagements).

Full cycle

from audit and policy development to daily checks and staff training.

No downtime

team of interchangeable specialists: no breaks for vacation or sick leave.

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Our Experts

Due diligence and KYC/KYB checks at COREDO are led by the compliance team, which has supported 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

How long does a KYC/KYB project typically take?

A basic CDD policy and procedure framework takes 2–4 weeks. Full implementation including system integration and staff training typically requires 6–12 weeks, depending on the number of clients, jurisdictions covered, and the complexity of existing onboarding infrastructure.

What happens if COREDO identifies a non-compliant client during screening?

COREDO flags the client and prepares a detailed risk assessment report. Depending on risk level, the recommended action may range from requesting additional documentation (EDD) to exiting the business relationship. COREDO advises on Suspicious Activity Report (SAR) obligations where applicable, coordinating with the designated MLRO.

Can KYC function be fully outsourced?

Yes. COREDO performs KYC functions on behalf of internal staff: client identification and verification during onboarding, transaction monitoring, periodic checks, and report preparation. This enables cost savings on hiring a full-time compliance officer.

What sectors does COREDO's CDD training cover?

COREDO provides specialized CDD training for PSP/EMI, CASP, forex, casino, betting, and other high-risk industries. Cost per module: EUR 720 + VAT.

Get a Consultation

Book a free assessment of your KYC/KYB Customer Due Diligence processes — our specialists will conduct an express analysis and recommend the optimal service package.

Phone: +420 228 886 867 · Email: info@coredo.eu · Office: K Cervenemu dvoru 3269/25a, Prague, 130 00

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