The push to achieve a single customer view (SCV) has challenged onboarding teams to capture more KYC/AML data, and routinely review larger troves of existing data, to meet ever-evolving regulatory requirements. In this quest, four reasons for having a consistent client onboarding process stand out as promoting operational success.
1. Regulators Like Consistency
When the need arises […]
Alacra Compliance Primer – Robust Onboarding is Key to Customer Classification Compliance Under MiFID, FATCA and EMIR
As the push for transparency continues to evolve under MiFID, FATCA and EMIR, robust onboarding practices that comprehensively capture key attributes of each client, owner and counterparty will be needed to meet reporting requirements for customer classification. These regulatory schemes nudge existing AML/KYC systems into the realm of tracking client sophistication and understanding the purposes […]
In September we posted Upcoming Changes to KYC Beneficial Ownership Regulatory Requirements – A Primer, which outlined how different regulatory regimes were going to require more and more accurate beneficial ownership information. This post spurred several conversations with KYC practitioners, many of whom asked how technology might help with the beneficial ownership burden. Last […]