Companies experience such involvement of subjects across industries
in various forms. An investor within Funds arms of a bank who is also a retail
customer and also involved wearing different hats under an organisation in institutional
banking. A holding corporate structure that appears multiple times behind
various trusts. An individual in the gaming industry who is involved in multiple
brands across the markets. This aspect of having the same entity being present
in multiple forms and representations can lead to severe risk and inefficiencies
unless handled centrally.
KYC Portal caters for such scenarios in various ways namely:
- It allows you to create the entity once and be able to
link it to several involvement structures across services and programmes. This would
also allow you to store different data fields based on the type of involvement and
also setting the fields that can be shared across the products or services.
- Centralises the update of common data. Example of which,
is that should the subject inform the retail office that the address has been
updated, the system allows you to update the address of the respective subject
across all the applications that the they are involved in constantly ensuring
that the record is centralised and that you always have a true updated copy of
such details across the organisation.
- Associate document types to the entity in question so
you do not need to ask for such documentation ever again even if the subject
appears under a new structure in the future. Example is the proof of ID and
proof of address on human beings. Such document types are linked to the subject
“across entities” allowing the document to move with the subject wherever they
are across the system. This reduces the need to ask for documentation on
existing subjects (since you already have it) and also reduces the risk of
owning the same document in multiple departments.
- Centralise the data checks on a subject irrespective
of how many times that subject is involved across the company. Centralising the
subject allows you to streamline the checking for PEPs, Sanctions and Adverse Media
to happen once on a subject and the result of which being applied to all the
involvement of that subject across the system.
- Conduct one face to face interview to audit the
verification of the subject once and have the audit move with the entity so
that all risk on the subject is reduced across all involvement.
All of the aspects above are focused on streamlining all
actions on a subject irrespective of involvement leading to increased efficiencies
and reduced risk all throughout the relationship with such subject.