Looking for solutions which solve critical aspects of Customer due diligence/ KYC process? We offer “industry first” – ID & V Monitor.
One of the critical aspects of CDD is to “identify” specific information and “verify” some of them using documentary or publicly available information. The requirements are driven by Bank’s policies, local jurisdictions (where the customer wants to open a relationship), Entity type of Customer and potential risk rating of the customer. Moreover, the documents which can be given by the customer to meet verification requirements will depend on their respective Country of Incorporation.
Given the above complexities, the required ID&V information is maintained in detailed procedure manuals and spreadsheets in most Banks. This is interpreted by Frontline staff, which often results in errors and rework i.e. poor employee and customer experience. Moreover, if a customer wants to open an account in multiple countries, the staff often “wait” for inputs from respective countries before reverting to the client. This “wait” time could be three to four weeks!
Enables Frontline staff to have a clear understanding of Identification and Verification requirements depending on parameters such as Ownership type, Entity type, Risk Rating and applicable Jurisdictions on a single Click!
Policy owners for ID&V can configure the points of information which need to be identified, the ones which need to be verified and the potential list of documents which can be collected to meet verification requirements. So, when a regulatory expectation changes, policy owners can make the change on the go!
Since the ID&V requirements are generated based on “pre-configured” settings, there is no question of “mis-interpretation” by the Frontline.
Most importantly frontline staff can generate ID&V requirements on their mobile devices and instantly share the same with potential customers i.e. No Wait Time!
Can be used during “periodic reviews” and when customer’s risk rating changes or customer wants to open an account in another jurisdiction. In such cases, the customer needs to provide only the “additional” information or documents, if any, resulting in unmatched customer service.
Both ID&V Monitor and BO Unwrapper are integral modules of Diligent CDD platform. These are also available as standalone modules which can be easily integrated with Bank’s existing systems and processes.
Digileap Technologies Pte. Ltd.