What is the onboarding process anyway?
Regulators’ effort to prevent financial crimes is reflected through the laws and regulations requiring entities to do KYC (Know Your Customer) checks when onboarding clients/customers. Onboarding is the process through which a potential lead starts his journey to becoming an accepted customer. Entities with the high volume of KYC to perform, such as financial institutions, rely on regulatory technology to speed up and automate the process. It does not have to be burdensome.
Maria Kyriakou, our R&D Manager, shares three things you need to know about Client Onboarding and how RegTek+ can help.
1. Automated onboarding workflow: The system ensures smooth client onboarding by creating dynamic questionnaires, including documents and parameters for risk assessment and fraud analysis, screening, and live rule execution.
2. Creation of sub-questionnaires for related entities such as directors, shareholders, etc.: The related entities receive the questionnaires and must fill in the relevant information. The system will create the tree structure of the entity and ask for the mandatory information for the related entities.
3. Ongoing questionnaire applications: The system can send multiple types of questionnaires to the users once the profile has been registered. Such questionnaires include appropriateness tests, annual questionnaires and more…