One of the biggest nightmares within compliance teams in any industry is the on-going and never ending communication with customers. Communication is usually via email to fill in forms, receive documents, input information and many other aspects. This escalates when risk increases, having to ask for further documentation and supporting evidence.
This is a challenge for any compliance team. Keeping track of what email needs to be filed where, against which entity, in which application and what type of data is being received. Compliance teams end up in endless separate threads to communicate with subjects which result into a nightmare when trying to audit the entire history with a subject.
KYC Portal has an embedded secure and fully audited communication engine that allows the compliance team to liaise directly with end-customers on all aspects required throughout the entire process of KYC including on-boarding and on-going aspects of CDD. The subject needs to have their email address stored as well as their mobile number. The latter is used for 2 Factor Authentication which is a regulatory requirement to audit such customer communication channels.
The system provides direct communication channels between the organisation and the customer through the following modules:
- Ability to request documents: KYC Portal will provide the end-customer a secure portal in which they can upload documents securely. Also in this module is the facility to download any templates to be able to print, sign and upload back into the portal.
- Ability to request filling of forms: allowing the end-customer to fill in the various forms that the organisation would have filled in, such as the source of wealth, source of funds, the KYC forms and any other requirement.
- Ability to conduct Face to Face meetings: allowing the customer to be able to conduct a face to face interview with biometric facial recognition with an agent of the organisation. Such interviews are instantly recorded in KYC Portal against the individual.
- Ability to input and create the entire corporate structure: using our latest module launched called the Corporate On-boarding Tool, the end-customer will be able to create their entire company structure and associated entities with all the respective material required for each entity.
This embedded communication engine within KYC Portal targets such a major issue and allows organisations to centralise all communications with end customers and have the ability to audit all historical records.