KYC (Know Your Customer)

With the additional feature KYC, the respective associated companies and persons can be checked when taking on a case. Since the requirements for such checks can be very different, this additional feature implements a base that can be adjusted and extended as desired.

You can find the corresponding config set here.

Application

1. Create a new case and assign it to the client.
2. By right-clicking on it, add a new KYC check to the case:

3. Select a template via button.
   In this example, the template standard is used, which adds the value No in the field Enhanced due diligence. In addition to Yes and No, nothing can be selected so that the changes made can be traced.

   

   As the requirements for KYC checks can be very different, the templates can be customized in the settings and created from scratch. See further down.
4. Selecting the template creates a checklist with activities. On the KYC check, these are grouped according to the following areas:
   • Company data
   • Documents
   • Risk analysis
   • Risk assessment (Low, Medium, High)
   • Additional checks (anything that is not included in the predefined areas and is to be checked can be added here)
5. In the list of activities, the individual items can be checked as Not necessary or Completed. Next to the checkbox is shown by who and when the checkbox was activated and remarks can be entered. Only the last change is saved and not the change history.

   

   Note: All documents related to the checks can be saved on the respective activities.
6. Once all the activities of a group have been edited, this step appears under Still open and the corresponding checkbox can be activated:

   

7. On the beneficial owners and confirmation page, there is a section person checks and remarks can be entered.

   

   The checkbox can be activated as soon as all persons have been checked.

Associated companies

The corporate conglomerate can be viewed in the subfolder Associated companies. In this list, new KYC checks can also be created or already executed checks can be opened via button:

Since KYC checks are related to cases, several checks are possible per company. In this list you can see for which company and when a check has already been carried out.

Associated contacts

The contacts with the respective company can be found in the subfolder Associated contacts. In the list, the position (field position on the contact > further information pasge) is entered and shows whether and when a personal check has already been carried out.

Person checks

When creating a new person check in the subfolder Person checks or via button in Associated contacts, the following tab is opened and a list of activities is created based on the submission of the KYC check:

You can assign a role (roles can be adapted and extended, see further down), public or political interest, and any relationship with politically exposed individuals. On the further Information page, you can enter remarks and the date when the review will be completed.

To perform compliance screening on persons or contacts, you can import the Compliance screening additional feature.

Processing in the activity list is done in the same way as for the KYC check.

Complete the check

Once the person check as well as all the items of the activity list, all associated companies and contacts have been checked, you can select the date in the field Check completed on. Thereby, all entered values are locked and the check can no longer be adjusted. How long it took to process this KYC check can be evaluated in the processing times KYC checks folder (see further down).

KYC folder

Under CRM > KYC you can see KYC checks, filtered by address, case and responsible, as well as the Processing times (the days from the preparation to the completion of the checks).

KYC templates and role

Templates for KYC checks and role are maintained under Settings > CRM > KYC settings.

• In the templates folder, you can edit existing activity lists or create new templates. Activities for person check (type KYC Persons check) are also created in the template in the activities folder.
• If necessary, in the role folder, you can create an additional role for person checks in KYC. The roles actual beneficial owner and legal representative are predefined.

Requirements and download

Before importing the config set, we recommend you read the article Key information about the additional features. Config sets modify data in Vertec, which can overwrite existing data.

The exact import process is described in config sets.

You can download the additional feature with the following link:

The following objects are created by importing the config set: