KYC Portal CLM centralises the entire review process on
subjects all throughout the lifecycle with a counterparty. The actual review
date policy is dynamic and can be set based on the client’s preferences based
on the risk band of the overall application. Clients also have the option to
set a different review policy at entity level within the application. This is
used for those clients who perceive higher risk based on certain types of
entities. As an example, this allows the client to set the review days for high
risk applications to happen every 8 months, but should the UBO within this
application be high risk, the review of the UBO only (separate from the overall
application) should happen every 30 days.
The system also allows the clients to set the status in the
lifecycle when such a review calculation should be triggered. Also the ability
to set review specific checklists so that once the review is completed the
entire set of tasks relating to a review are fully audited as an action list by
date of review conducted. The solution also allows authorised user to override
the automatically created review date should the need arise.
As part of this overall review process, within
the Customer Outreach Tool section in KYCP, the compliance team can trigger a
REQUEST REVIEW function allowing them to trigger a request for the end
corporate customer to login and conduct the review process themselves.
When this is selected
the compliance team can choose the items that need to be reviewed by the
customer once they login to the Customer Outreach Tool. The customer would see
this as a list of actions that need to be done across the entire structure. The
items that can be triggered as part of this request are the following:
- Updating or inputting of fields
- Updating or filling of questionnaires
- Uploading of documents
- Date by when these need to be submitted
The above can be
selected for all or any of the entities within the structure that the customer
has access to. This would allow them to verify current information and input
new requirements. All of which actions are immediately audited within the
application itself, and that it's being done in KYCP by the customer themselves.
This new feature adds
a new element to what can be exposed to the customer within a review request.
This is the ability to allow the customer to apply changes to the structure of
the company that they have in KYC Portal. A feature that comes in handy should
the compliance be doing the review of a customer (or remediation) and need the
customer to update the related parties involved in the structure itself. Such
changes would be automatically updated in the KYCP application as well as fully
audited based on all the actions done by the customer in real time.
For more information, contact us directly on
info@kycportal.com or
schedule your live demo with us today. If you are an existing client and you would like more information about this feature, please contact our CRM Team.