0000024080 00000 n Not all customers will be high risk; and dedicating time and resources to performing unnecessary due diligence steps makes for an inefficient process and inhibits the ability to devote more rigorous steps to those customers who truly need it. xref This website uses cookies to improve your experience. A SaaS tool with built-in data visualisation tools can produce a KYC process flow chart detailing each concern that needs human attention ― enabling better decisions, faster. Identifying PEPs is another heavy-lifting manual process and you may need to access a range of publicly-available and premium data sources. 0000003049 00000 n 2 0 obj KYC processes are among the most complex workflows of a bank’s process landscape. Know Your Customer (KYC) KNOW YOUR CUSTOMER (KYC), CASH TRANSACTIONS REPORT (CTR) AND SUSPICIOUS TRANSACTION REPORT (STR) A definition of what constitutes the offence of money laundering under Bangladesh law of […] Identifying the correct name of the entity you’ll be dealing with is a bigger challenge than most people would expect. 0000000016 00000 n One minute your CEO is enjoying the company of a high-profile customer at a networking event, the next he’s standing next to someone who’s just been headline news for all the wrong reasons. Watch the video to learn more about how Encompass can benefit your business. <<79F75948873A234DBE5B338F53403E40>]/Prev 1282717>> KYC Supporting Documents for INDIA based Business Entities & their type of Constitution Document Category Type Proprietor / HUF Partnership LLP Pvt. 0000002935 00000 n Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Just typing HSBC as a client name into your Customer Relationship Management (CRM) platform can cause major headaches and unnecessary back and forth between compliance analysts and the business to confirm the actual entity to be onboarded before any other steps are taken. Risk ratings can be applied to individual risks presented by the entity’s ownership and control, industry, project, region, screening results, and identity verification. As a result, more finance, legal and law firms are introducing and revamping their Know Your Customer (KYC) processes. 0000003324 00000 n A traditional KYC process flow involves sequential steps taken by an individual or team. To identify Ultimate Benficial Owners (UBOs), you need to dig into corporate structures, subsidiaries, and find the natural persons behind the corporate face. The due diligence phase accounts for a number of steps in the KYC process. Building an audit trail can be tedious and time-consuming when done manually. Necessary cookies are absolutely essential for the website to function properly. This means that they need to quickly understand the customer risk profile, as well as the steps and decisions taken as part of the KYC process up to that point. O���o8�}�gg�c8M>�[��pV����چ��w �'H�TwK�b6'pS�������K�q�ݗ2����*]M�?���m��KS�s$�M�Y�X4�Me1�����?&�a��|n��ͺ�iD���'n�Iu��a��Nj��S�F����I(Ai]���%��W����-P'��� ��wp��O�:i�+]:p���A�6Ԩt�ĵ�^9/ކ�482ʏ�d����q�*�X�̞{���&��V⡉s�P��x�$ޏw+�c�N���mo�#axag�j��r8�T�~��v�� Hours of work go into manual processes and at any stage, a client could be off-boarded for any number of risk or compliance reasons. 105 30 The customer will supply physical documentation belonging to them, usually in the form of a passport or government issued ID and bank statement or utility bill for an individual, or incorporation documents and annual reports for a corporate entity. <> Have they been publicly associated with relevant criminal activity, or risky individuals and entities? 0 4 0 obj Be one step ahead of the regulations by knowing how to prove your KYC compliance correctly. Tag: kyc process steps pdf Know Your Customer (KYC) Posted on June 19, 2018 by admin. The hard work still has to be done and the labour costs still hit your bottom line, whether or not you’ll see a return on investment. The screening process is comprised of three core checks: Is the customer in question a politically exposed person? How traditional KYC processes inhibit growth. While most of your KYC processes can be handled with smart technology and automation, you still need humans to steer the top-level functions, and handle more complex or borderline decisions. Ltd. / Ltd. Company Incorporation Compulsory Self-Declaration Self-Declaration These first two steps alone can take three-four hours for a basic case, automation can get it down to three-four minutes. 0000100839 00000 n A traditional KYC process flow involves sequential steps taken by an individual or team. 134 0 obj <>stream Eventually, we expect AI to help with those decisions too. endobj Taking all this into consideration, a technology-led approach is needed to ensure you have the flexibility to amend you KYC processes in line with new regulation, or to scale up the number of customers you can handle with existing resources as your business scales. What is KYC? Traditionally, the processes of gathering data, compiling customer profiles and creating audit trails have been manual, but these time-consuming, expensive practices can make the cost of onboarding prohibitive for some of your products and services. AML and counter-terrorism financing (CTF) regulatory standards require thorough documentation to prove the necessary steps were taken to identify a customer and apply a risk-based approach. Conclusion: AML KYC Process Guide. What could take hours for a team or days for an individual can be cut down to minutes with the help of the right tools. 1. This is, of course, the very beginning of your potential relationship with a new customer or the introduction of a new product to an existing customer. If you have no process (or a poor one) in place, your organisation is exposed to financial, reputational and competitive risks. We’ll look at each step sequentially as per the traditional methods but do bear in mind that many of these steps can be run simultaneously with process automation. PEPs are considered higher-risk customers because they may be more susceptible to gaining funds unlawfully, and therefore have more reason to commit money laundering crimes. 0000001766 00000 n h�b```b``��������A�D��X8N0004Ph�g`�e����VS�o�Rp�]�z��h���璒y�n��.������*�ٯhUP�����稖J6+���l/���݌tXqD���m�N�T��J�7�]1�d�^z�i�D���� Which one are you really dealing with? And while it’s a well documented fact that existing customers are more profitable than new business, there’s only so much cross-selling and upselling you can do. Being a PEP does not mean the customer is high-risk, but it does mean you need to apply enhanced due diligence. ���^�MxR����W�����׬%R��EةN�Avd)[����~6P�D-*��tf�DV��a�T��~��;�,݉����7����a��/ ܍Q��k�WyJd+��t����-&���2A�褶5 ��:���o�pK )o�)j�9\96�����܃���Ld-Ɔ�Sc���`��u�M5��Ux��(�ǝ�;{�"�f�P�X�Jwo|W�h4���X��^x�k����O)��ڪ9�gcx�SM�:���v5kK&�#`U��0n���J�x����4��2W�7?��qhM�ΑX���P�2$&98���r��=�X�>�n8Y�W�c����g�/p���2)�=\�tf�Ε���~*w�b���xh�}&˓3�8o�޲t�*���㉦���P��j� r��m֋@� �`~�7T������R������D4?�|S�wQi\?� ݘ� �����*����k�^��s�8�y���A���Ui;�=:� �1��/�5e,C^����xIlt:?^؇Z��������¼p2�Z�)���O\�)1?��z�US2V��3-����1�-� In so doing you help your skilled professionals focus on those tasks that still require human reasoning, and leave the repetitive information-gathering tasks to automation.

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