Customer Due Diligence
Key Challenges
- Authenticating ID & Address proof and other documents submitted by potential customers to ensure that identity thefts and forgeries are detected at an early stage.
- Ensuring that all the pertinent customer information and documents have been collected & digitally stored as per the types of customers and risk categories they belong to.
- Beyond the basic due diligence, being able to carry out process driven additional & enhanced due diligence as customers transition into higher risk categories.
- Keeping historical records of all the due diligence activities performed on each of the customer for regulatory scrutiny in the future.
- Process & questionnaire driven identification of sources of funds, ultimate beneficial owners and a host of other discoveries under enhanced due diligence.
Please fill-in your name along with email & press the button on the right and we would explain why these & many other challenges need to be addressed.
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KYCsphere Solution
With the complexities involved in identifying customers, conducting due diligence and enhanced due diligence, across different types of customers & jurisdictions that they belong to and the types of business relationships that they want to establish with your institution, it would be a gross mistake if you were to rely on just your employee discretion to capture customer due diligence information. Largest of institutions have failed to do requisite customer due diligence while dealing with high risk customers and multi-country corporate vehicles, leading to subsequent penalties. Without an automated process driven due diligence, it is impossible to capture all the necessary customer attributes & questionnaires based information, essential for serious due diligence on your customers.
KYCsphere's Customer Due Diligence (CDD) tool hides all the complexity behind the simple user interface for required customer data to be captured and relevant questions to be asked while dealing with a variety of customer profiles across different lines of businesses and jurisdictions. Beyond capturing of customer data & information, initiating of verification process of submitted documents along with several CDD analysis steps that are triggered to build a comprehensive customer profile. This disciplined due diligence process is especially useful while identifying all the associated individuals of complex corporate vehicles & legal entities, including their major shareholders, board members, senior management, signatories, partners, key customers and ultimate beneficial owners. A comprehensive customer profile thus generated allows accurate risk rating of the relationship and keeps your institution prepared to withstand regulatory scrutiny at any time in the future.
This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.
Please fill-in your name along with email & press the button on the right and we would showcase to you how this could be achieved.
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Key Benefits
- Generating of a checklist of necessary and recommended jurisdiction, line of business and customer's risk rating specific ID, Address proof and other documents, copies of which needs to be collected, validated, retained and revalidated on expiry.
- Conducting periodic due diligence assessments as per the recommended best practices, review findings and record associated risks.
- Building a repository of all the due diligence information collected, including additional documents, customer interview proceedings, relationship manager feedback, due diligence processes followed, its findings & conclusions.
- Identifying newer business development opportunities based on extensive due diligence based 360° view of the existing customer relationship.
Please fill-in your name along with email & press the button on the right and we would help you to arrive at substantial cost savings by using Microsoft® Azure Cloud based KYCsphere.
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