Any company that needs to onboard institutional counterparts of any type of AML and due diligence purposes face this challenge on a daily basis. The task of identifying the ownership of structure of their counterparts is a time consuming task which can becomes tedious and intertwined especially when you are dealing with structures such as trusts, foundations partnerships and multiple involvement. Key principles that are involved in the same structure multiple times can lead to very complex processes in identifying the true ownership behind a structure.
This is a task that can be fully automated in KYCP when having the right fields, rules and scripts in place.
The fields module in KYCP allows us to create the multiple fields of percentage ownership for each entity in the structure. The user would be able to input the % ownership of each individual key principle in relation to the direct parent of the entity.
The custom button feature in KYCP allows us to configure action buttons for the users to press (at certain parts of the workflow). This button is set to call a specific script that we would configure in KYCP based on how you would like the solution to calculate the ownership calculation of the structure.
Based on this configuration the solution will automatically populate the % ownership of each entity within the structure in relation to the root node of the counterpart, giving you also the ability to see the combined (total) ownership of parties who are involved multiple times in the same application (example: shareholder of the main root node but also shareholder of another two corporate structures which are shareholders to the same root node).
This feature also helps ensuring and validation the entire application by checking the identification of 100% of the overall company. This would allow your team to streamline the workflow to send the application either back to the customer or to the internal team for validation due to the incorrect allocation of percentage shareholding.
This feature will deliver instant benefit to your teams when it comes to onboarding corporate counterparts faster and more securely. A feature that can also be exposed in the Customer Outreach Tool so that clients ensure full ownership accountability prior to submitting the application to your team.