Should a user be adding a new entity within the system, a
user has the ability to search the existing entities within KYC Portal CLM to
understand if the new subject is already within the database. If it is, the
user is able to create the new entity within KYCP CLM using the existing record, achieving a single customer view.
This ability to create new entities from existing records is
also available to the counterparties via the Customer Outreach Tool allowing
them to re-use their data across applications.
This will create a new instance of the entity linked
to the existing record. This helps in maintaining the single customer record
leading to a lot of internal efficiencies and improved transactions.
Documentation becomes centralised therefore having one version of a document
for the subject irrespective of the number of multiple involvements. This leads
to having one document to verify and one document expiry to maintain. This is
also applicable to the screening of such subjects, having one set of false
positives and one action of decisions to be taken on this subject for matches
and no matches. This also helps in being able to generate an organigram with a visual of multiple
involvements within KYCP across applications, helping to easily identify the
multiple involvements within a counterparty.
This new feature within KYC Portal CLM exposes a new setting
where it allows you to decide whether the USE FROM EXISTING feature should be
limited based on the rights of the user using it (both within the back-office
of KYCP as well as the Customer Outreach Tool). This is a new configuration
setting at PROGRAMME level and can be found in the EDIT module.
The settings of this feature are:
This feature adds more flexibility to our clients since
it allows those customers who would like to restrict access to certain entities
which are not assigned to applications they work on.
- All – there is no limit on what to
search. Search with USE FROM EXISTING will return any result across KYC Portal
- AssignedKycpUsersAndTeams – (applicable
to KYC Portal users) this will limit the search to applications that are
assigned to the current application’s KYCP user or team.
- AssignedCotUsers – (applicable to COT
users) this will limit the search to applications that are assigned to
the current COT user).
The repercussion of this feature is the risk that such users
might be adding new instances of an entity that already exists. This would be
in scenarios where the user would have searched for a subject that exists, but
is not assigned to any application of this same user. The user would have not
been able to see that this entity already existed. This is why this feature has
been made available with a configuration setting whereby clients can decide how
KYC Portal CLM should operate the search.