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Introduction

Onboarding is the process of fulfilling regulatory requirements. This process is necessary before firms can provide services to clients. The key components to client onboarding are:

• KYC/AML
• Investment Risk Assessment / Suitability
• Professional Investor Assessments

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Workflow

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Step One: Obtain Client Information

The first step in our client onboarding process is to complete a client information form. This form is usually completed by client representatives so that onboarding process can be performed. It contains personal information about clients in order for firms to verify their identity and understand their financial background.

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Step Two: Perform Assessment

This involves obtaining and checking documents provided by clients. Its purpose is to verify the identity of the client. Screening against publicly available databases or performing Internet searches is also performed to to see if potential clients appear in any international blacklists.

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Step Three: Perform Assessment

After obtaining all information and completing screens, an assessment of the client’s AML, investment and assessment risks can be performed.

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AML Screening Tool

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Accessing the tool

1. Log into your user account

1. Click on the AML/KYC tab on the sidebar. Enter the company password designated for screening purposes.

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Account Setup

1. Click on “Add Customer” to create an entry to screen the new account.

1. Input information required for the Account Setup section. This sequence of tabs allows you to input the documents typically required to perform AML.

• Account Holder: Input the information regarding the entity opening the account (this is the legal counterparty)
• PPTA: This stands for ‘Persons Purporting to Act’ on behalf of the client, and is typically included when the client acts through an agent or representative
• ‘Beneficial Owner’: is the person who ultimately owns the assets
• ‘Client Agreement’: is the agreement between the firm and the client
• ‘Verification’: describes how the identification documents are verified (e.g. on a face-to-face basis or certified as original by a professional)
• ‘AML risk’: contains the factors used to determine the risk of the client

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Screening

In the ‘AML Risk’ tab, it is possible to screen the client against international AML databases. You may download or view the screening result