KYC Case Study – Asset Management

The Client

International Asset Management firm with offices in 3 countries

The Focus

KYC, client onboarding, remediation, forms, workflow, approvals, AML/CFT

The Challenge

Existing processes were slow, manual and error prone. KYC processing times varied substantially. Ranging from weeks to months. Some corporate clients were taking up to 2 months to onboard. For their individual clients, anything from 1 to 6 weeks. Adding to this, the user experience for their clients was poor. Back and forth PDFs, being asked for the same data twice, multiple phone calls and emails were all creating additional challenges. For the Back Office and administrative side, data was stored in silos across the organisation. Share drives, cloud storage, Excel sheets, emails, documents on desks etc. Often, there was also double data entry, which was adding to the administrative burden and increased compliance risk through simple mistakes.

The Approach

After being engaged by the client, we started with a review of their existing KYC processes and forms. After a number of years of manual procedures and scattered documentation, we began with remediation by working with the client to upload their existing client data and highlighting any gaps that needed to be filled. Next, we worked with the client to digitise and streamline their forms to simplify the user experience, while still ensuring compliance with regulators. After some branding and white labeling of the platform, we started to onboard clients via their new online KYC portal and we saw results almost immediately.

The Outcomes

After a successful implementation, completed in under 2 weeks, the client had an online KYC platform that centralised their documentation, gave visibility to senior management and ensured KYC compliance end-to-end. And at the same time, making it much simpler for their clients to securely and conveniently upload their data via mobile device, tablet and desktops. The client was able to achieve up to 70% faster onboarding times, resulting in reduced administrative burden and faster time to revenue. The client now has systems in place that mitigate risk and ensure accountability across related departments from Front Office to Back Office. Relationship managers and sales staff have a digital interface to converse with their clients and get status updates and the compliance team has systems in place to ensure nothing is missed and provides complete, auditable transparency.

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