We focus on the effectiveness and efficiency of your customer onboarding to make sure it is fit for purpose in your circumstances, aligning them with:
- Your commercial goals
- The size of your business
- The available technology for customer onboarding
- The available resources
- Your governance structure
- Your client demographics
- Your countries of operation
- Your client acceptance policy, overall risk management framework and risk appetite
- Your know your customer (KYC) and know your business (KYB) requirements tailored to applicable compliance obligations, including, but not limited to, obligations under the applicable anti-money laundering (AML) and counter-terrorism financing (CTF) laws and regulations, privacy laws, financial market laws, FATCA/CRS related obligations, any licensing regional or license-related product offering limitations and obligations and more
- Fraud detection measures within onboarding processes
- Regulatory reporting obligations
Our solutions cover:
- Customer Onboarding Process Design: Tailored customer onboarding processes, including client verification, categorisation, and onboarding procedures, to meet regulatory and operational needs for different types of businesses (startups, company groups, high-risk corporates, etc.)
- Customer Onboarding Process Enhancements: Reviewing and improving existing processes to address identified inefficiencies, regulatory changes, and evolving business requirements
- Training for Onboarding Teams: Delivering tailored training for staff to optimise onboarding workflows, comply with regulatory requirements, and enhance customer experience
- Technology Integration for Onboarding: Assisting with the selection, integration, and testing of digital onboarding solutions, including real-time screening tools, automated KYC/EDD platforms, and workflow management systems.
- Customer Onboarding Process Implementation: Leading and coordinating the implementation of onboarding processes, managing milestones, ensuring cross-departmental collaboration, and aligning deliverables with compliance and operational objectives
Services Coverage
We offer customer onboarding solutions to various financial institutions, financial service providers, and reporting entities subject to anti-money laundering and counter-terrorism financing regulations, including but not limited to:
- Investment bankers
- Investment firms
- Fund managers
- Brokers, including forex brokers
- Fintech companies
- Non-bank deposit takers
- Non-bank lenders
- Online casinos and gambling platforms
- Currency exchange providers
- E-money issuers
- Money remitters and money transmitters
- Payment gateway providers
- Derivatives issuers and platforms
- Neo-banks
- P2P lending platforms
- Crowdfunding services and platforms
- Financial advisers
- Investment advisers
- Wealth managers
- Custodial or depository service providers
- Consumer credit providers
Jurisdictional Coverage of our Customer Onboarding Solutions
We deliver customer onboarding solutions across the following jurisdictions, including but not limited to:
- Australia
- United Kingdom
- United States
- Singapore
- European Union
- New Zealand
- Prominent formation centres, including:
- Belize
- British Virgin Islands
- Cayman Islands
- Dubai
- Bermuda
- Panama
- Jersey
- Malta
- Mauritius
- Seychelles
- Vanuatu
Customer Onboarding Process Design
We offer well-designed customer onboarding solutions tailored to your compliance and risk management obligations and operational structure. Our areas of focus include, but are not limited to:
- Customer identification and verification solutions (KYC/KYB)
- CDD and EDD methodologies
- Digital identity verification solutions
- Real-time screening for sanctions, PEPs, and adverse media
- Risk-based segmentation, risk profiling and customer categorisation
- Automation of onboarding workflows and procedures
- Escalation pathways for high-risk customers
- Metrics and KPIs for onboarding efficiency
- Periodic reviews and refresh of customer information
- Regulatory alignment for onboarding
- Customer verification procedures
- Continuous monitoring solutions
- Oversight for customer onboarding practices
- Standardised onboarding policies
- Governance alignment with licensing conditions
- Audit-ready documentation practices
- Effective process mapping and control mapping
- Document Validation Processes
- Enhanced Due Diligence Workflows
- Account Opening Streamlining
- Policy and Procedural Alignment
- Fraud Prevention Mechanisms
- Customer Lifecycle Management
- Technology-Driven Onboarding
Customer Onboarding Enhancement
We offer customer onboarding process enhancements to increase its overall effectiveness, reflecting on:
- New compliance requirements, changes to the existing regulatory regime, and adaptations to regulatory compliance guidance
- Business growth and expansion
- Changes in risk ratings, risk appetite, identified new risks, changes in risk profiles
- Auditors' and regulators' findings, including identified deficiencies and breaches
- Internally identified areas of improvement and gaps
- Results of previous internal controls testing
- Available technology-enabled onboarding solutions
- Introduction of new products
- Process optimisation for efficiency
- Customer satisfaction-focused improvements
- Integration of real-time compliance tools
- Other triggering events
Customer Onboarding Implementation
We assist businesses with customer onboarding framework rollout by:
- Step-by-step program rollout
- Collaborating with risk and compliance teams to align the customer onboarding framework with the risk appetite and key documents (e.g., privacy policy and AML/CFT program, etc.)
- Staff training on updated onboarding practices
- Engaging with management to report on customer onboarding implementation progress and address various challenges
- Developing control testing methodologies for customer onboarding controls and testing schedules to reflect their effectiveness
- Drafting necessary supporting documentation, including manuals, guidelines, process maps, procedures, and protocols
- Developing internal escalation and reporting lines across the business
- Establishing customer onboarding metrics: Creating KPIs and tracking mechanisms to measure efficiency and compliance
- Regulatory alignment of your customer onboarding process with applicable compliance obligations
- Periodic review mechanisms: Establishing procedures to review and refine onboarding practices in response to regulatory and operational changes
- Technology integration: Assisting with the integration of digital onboarding solutions. (For more details, see the "Customer Onboarding Solutions and Reg-Tech" section below)
Customer Onboarding Solutions and Reg-tech
Our focus areas for this service include:
- Needs Assessment
- Technology selection: Tailored to your budget, operations, and compliance obligations
- Implementation and customisation assistance: customer onboarding technology integration assistance across the business
- Testing: Assisting with testing to validate functionality, usability, and integration with operational, risk management, and compliance structures
- Internal Documentation Alignment: Streamlining internal documentation, including policies, procedures, workflows, and process maps, to accommodate the technology selection
- RegTech-powered KYC and AML solutions
- Digital identity verification
- Effective KYB solutions
- PEP and sanctions screening solutions
- Leveraging machine learning for enhanced risk profiling and anomaly detection
- Real-time compliance monitoring for onboarding-related red flags, triggers, and risks
- Workflow automation tools to streamline onboarding processes and compliance tasks
Customer Onboarding Solutions for Small Businesses and Startups
Getting your customer onboarding process right from the get-go is paramount from a product perspective, as you only have one chance to make a first impression.
From a regulatory perspective, client onboarding is often closely interlinked with anti-money laundering and counter-terrorism financing laws, fraud prevention and management, and financial licensing provisions for offering services to retail customers, client suitability assessments, compliance with safe harbour provisions when offering services to wholesale customers, etc.
Our solutions for small businesses and startups focus on:
- Simple and scalable onboarding processes linked to effective workflows and protocols
- Cost-effective compliance solutions
- User-friendly digital tools
- Foundational AML/CFT practices
- Basic KYC workflows
- Streamlined account management
- And other features that can help your customer onboarding and help you expand your customer base without compliance, which is becoming a hindering business factor.
Compliance Across Borders/Products: Tailored Customer Onboarding Solutions for Company Groups
Managing customer onboarding across multiple jurisdictions and products can be a complex task.
Our years of experience with multi-jurisdictional financial institutions allow us to tailor your customer onboarding to fit different products and regulatory requirements while maintaining overall effectiveness and oversight. Our services include:
- Implementing centralised onboarding systems while ensuring regional compliance
- Group-wide policy standardisation
- Transforming your AML/CFT and financial law-related requirements into effective customer onboarding practices, so that policies, procedures, and processes form an effective compliance and risk management system
- Cross-entity reporting and monitoring on customer onboarding metrics and issues that need to be escalated as part of your ongoing risk assessment and risk management framework
- Simplifying your customer onboarding practices with both record-keeping and external reporting obligations
- Integration with governance structures, helping your second and third lines of compliance defence and your management team maintain effective oversight of customer onboarding situations across the business
Customer Onboarding Solutions for High-Risk Corporates
With years of experience supporting high-risk corporations with customer onboarding, we offer solutions designed to meet heightened scrutiny, higher standards, and expectations linked to your business size, available resources, and other key factors. Our focus includes, but is not limited to:
- Risk and compliance oversight for onboarding practices, linking them to the company's overall risk and compliance management frameworks
- In-depth process mapping and process optimisation
- Customer onboarding controls mapping and control testing, including AML/CFT, fraud prevention, FATCA/CRS, financial licensing controls, and other risk mitigation measures
- Governance oversight for onboarding practices
- Enhanced due diligence processes, including tailored onboarding frameworks for high-risk clients
- Staff training to the required standard
- Effective escalation mechanisms
- Efficient e-KYC solutions
- KYC refresh processes tailored to the size and risk profile of your business
- Reassessment of customer risk profiles to align with evolving risk management frameworks
