New solution for preventing money laundering

People’s declining trust in emails is a growing problem for banks, estate agents and others who, according to legislation, must verify the identity of users for money laundering control purposes. e-Boks and the fintech company NewBanking Identity will now solve this by carrying out KYC (Know Your Customer) processes through the digital postbox e-Boks.

Topic e-Boks KYC
KYC - stories


NewBanking owns, develops, and operates an identity platform for handling customer data. A platform built to ensure the compliance of Anti-Money Laundering and GDPR regulations. It allows customers to easily administer and verify user data, while enabling market-leading user experiences. Servicing users in +95 countries.

The increasing skepticism towards emails is a problem for companies and authorities who need to verify the identity of their customers digitally for reasons such as money laundering legislation and GDPR. More and more legitimate emails end up directly in the recipient's virtual wastebasket.

"As a society, we face two important considerations that work against each other. On one side, it is incredibly relevant that everyone takes IT security seriously with some precautions against phishing. On the other hand, in Denmark, we would like to be able to fight money laundering effectively, and this requires that e.g., banks, estate agents and leasing companies can obtain personal identification data such as photo documentation and tax information to document the customers' identity", explains CEO of NewBanking, Christian Visti.


Costs more than 4 billion per year

Finans Danmark (business association for banks, mortgage institutions etc. in Denmark) estimates that more than DKK 4 billion is spent on administrative tasks to combat money laundering and terrorist financing. The majority on KYC processes, where companies must document the identity of their customers.

"The paradox is that a KYC requirement has been introduced, which is common to many companies. But Denmark does not have a common standard solution when it comes to obtaining KYC data. Therefore, it is up to the individual business to find a way to handle it. This partly means that it will be expensive for the companies because they have to develop their own solutions. And at the same time, customers get unnecessarily confused because they encounter different procedures everywhere they are a customer, and they are generally skeptical of unknown emails", says Christian Visti.

christian visti

Christian VistiCEO of NewBanking

“We would like to be able to fight money laundering effectively, and this requires that e.g., banks, estate agents and leasing companies can obtain personal identification data such as photo documentation and tax information to document the customers' identity”

New solution in e-Boks

e-Boks has joined forces with NewBanking Identity to solve the challenge of ineffective KYC processes with a new KYC solution, where companies can request the necessary identification in e-Boks, and the customer can upload documents securely in the same place.

"Studies show that, unlike emails, users have full trust and confidence in what they receive in e-Boks. e-Boks is perceived as a neutral and trustworthy channel without spam. Therefore, the customer does not have to worry about checking whether a KYC request is genuine. The solution also allows documentation that has been uploaded once to be shared with several companies. This means that if you have sent a copy of your passport to the bank through e-Boks, the file is there and can be used for e.g. the estate agent later. It saves the e-Boks user trouble and the companies money", explains Ulrik Falkner Thagesen, CEO of e-Boks.

"In e-Boks, you know that only companies that are allowed to send to you will contact you in e-Boks, and that gives the user a sense of security", says Ulrik Falkner Thagesen and elaborates: "If you send people an email, because it is the typical way to do phishing and therefore also risky for citizens to click on, companies receive a worse response than in e-Boks".


Tested solution

The KYC solution from NewBanking Identity is already available as an independent product, which serves users in +95 countries across industries.

Initially, the new e-Boks KYC solution is offered to all existing Danish e-Boks senders. However, e-Boks expects that the solution from NewBanking will also attract new customers from a number of different industries, who today need to be able to exchange personal data with their customers in a secure way.

Learn more about the benefits of the e-Boks KYC solution [In Danish].

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  • For more than 20 years, we have helped public authorities and businesses securely digitise their communication flows.
  • We proudly provide the governments of Denmark, Greenland, Norway, Sweden and Ireland with national digital post solutions.
  • Well-renowned international banks, insurance companies and energy service providers have chosen to use the e-Boks platform instead of pursuing their own solutions.

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