Any ‘Know your Customer’ (KYC) process starts when on-boarding a new customer. This is when you gather your initial information about your clients. The purpose of this information is to identify the natural person(s) controlling the account, also called the ‘ultimate beneficial owner’, and whether restrictive sanctions apply or not.
The goal of the KYC process is to assess the level of risk this person imposes on the bank when serving them. Based on this risk assessment, the bank decides on accepting the client and if so, to define the initial risk rating and potential additional risk remediation measures to be put in place. This solution includes the periodic account review, to re-assess the risk rating for a client.
Features and processes included in the solution are: