The concept of the
single customer view in KYCP works in different instances allowing for both the
scenarios where the compliance team actually searched the subject prior adding
them as well as the scenario that the team was not aware of this subject being
in the database already. These are achieved using the following two functions:
- USE FROM EXISTING – when adding a subject in
KYCP, the system allows you to create the new subject by using an existing one
in the database. The user can search for the subject (using any field that is of type string, integer or decimal), see and confirm the subject and then click on
USE SUBJECT. This will create the new subject using all the linked fields of
choice, documents that are set to move with the subject across applications as
well as any other common data such as notes and screening matches and
decisions.
- IDENTIFICATION ALERT – in the case that a user
was not aware that such subject existed in the database and did not perform the
search, the solution will automatically alert a potential duplicate match alert
when trying to save the new subject, for which the data being input matches
that of another existing subject. The user is then prompted with an alert
allowing them to match the details of the existing subject in the database with
the data of the new subject being input. User is then free to decide whether to resume
saving with the existing data, the new data or create from scratch completely.
This functionality comes in very handy when the operations
of the company using KYC Portal CLM spans over multiple offices in different
jurisdictions. Organisations are able to create the single customer view
irrespective if the subject being onboarded is under different services across
the globe. This gives the company the ability to instantly view all related
parties and multiple involvements of subjects across the global operations.
This feature however poses an operational issue when data is
shared between programmes that are used for specific jurisdictions. We have
instances of clients whereby they wanted the data of all subjects across all
jurisdictions to be shared having a single customer view, however, should that
subject be in the programme of Luxembourg, then this data cannot be shared with
any of the other programmes (jurisdictions). We also have use cases whereby
clients saw this feature as a problem as they would need to obtain consent from
the subject prior to making their data available for other programmes to
re-use.
This new feature addresses the above use cases
whilst still allowing for the benefit of being able to have the single customer
view. This new feature now allows you to decide at entity level whether the
data of such entity should be shared or not.
This setting allows the compliance team to set the default
state of an entity allowing it to be shared across all programmes, only within
the same programme or else not shared at all. This addresses the ability of
having KYCP setup to share the data across programmes but being able to limit
the entities of one programme only from being shared at all or only within the
same programme they already exist in.
This new feature however, also allows you to set
conditions with such a setting based on a field or set of field values.
This feature has been based on keynames so that clients can
setup all of the conditions based on preferred values within such fields. A
field could be set stating “I consent my data to be shared” which field can
also be exposed / sent to the customer for them to fill it in directly.
What happens if a subject exists but is not
shared based on the above new feature?
- Identification will still be alerted to the user that
there is a duplicate in the system, however, when the user clicks on the VIEW
details icon to see the data of the existing entity, if such entity is not set
to be shared the user will not be allowed to click on it and be informed
accordingly.
- Based on the configuration of the programmes,
SEARCHING for this subject or USE FROM EXISTING for the same subject will still
show the subject in question. However, there are various means how this (SEARCH
and USE FROM EXISTING) can also be managed/limited.
- Limit user access to
the other programmes – this means the
user will not be able to find the respective subject in the other programmes
that the user does not have access to.
- Setting the programme
not to be included in the “Search in Linked Programmes” feature. In this
case all subjects in this programme would not appear in the results of any
SEARCH or USE FROM EXISTING
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.