Of course, you want to make sure you're not doing business with rogue parties. And as a compliance professional, your job is to ensure that your organization complies with government-imposed regulations, such as KYC guidelines and AML laws.
Customer acceptance can be delayed if, as an organization, you do not have sufficient internal resources or specific compliance knowledge. Another reason for delay: having to draw on multiple sources of information to uncover the necessary data. Good news: the customer acceptance process can be easier and faster.
The importance of a well-organized customer acceptance process
Meeting laws and regulations is probably one of the main reasons why you want a solid KYC process. If you are not accurate enough or if your documentation is not up to standard during an audit, you could face fines or other penalties. But there are many more reasons why you as an organization should have a properly organized customer acceptance process.
An efficient customer acceptance process in 6 steps
By following these 6 steps, you ensure that you
are following a properly organized and compliant
KYC process for your client onboarding.
Future proof customer acceptance: external data + automation
By using external data, organizations can obtain a significant portion of the required information without having to bother the customer in the process. Questions, if any, can be limited to the information that is actually needed at that stage. This can significantly reduce delays and the pressure on a new customer. And meanwhile, you still collect all the data you need.
