Employees who are responsible for interacting with clients will be able to determine whether a prospective client intends to conclude a single transaction or enter a new business relationship with the firm.
Know Your Customer (KYC) involves knowing a customer's identity, financial activities, and the risk they pose prior to being accepted as a client.
The information of a client must be recorded within 3-5 business days of establishing a new business relationship with the client. The records will be recorded for Financial Intelligence Centre Act (FICA) purposes. The FICA Compliance Officer will monitor the firm's continued compliance with this requirement by performing spot checks on the Business Relationship Due Diligence Register.
Ware Centric, a subsidiary of Strategic Investment Holdings has developed a client onboarding system to identify and verify a client's identity and assess customer risk which is a legal requirement to comply with Anti-Money Laundering (AML) laws.
The KYC onboarding system simplifies the process of identifying AML and Countering the Financing of Terrorism (CFT) legislation in most jurisdictions and also verifying customers' identity and assessing risk and managing your customer compliance legislation.
In designing the customer onboarding system, various standards, regulatory frameworks, corresponding documents, and compliance risk areas were used. The system is easy to use and is managed via email workflows. Various reports are available from the system and client details can be accessed at any time.
To find out more about the system, please contact Ware Centric via email at info@warecentric.co.za.
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