KYC (Know Your Customer)
This feature helps you check affiliated companies and persons when opening a mandate
How this feature creates benefits
The KYC feature helps you to automatically audit affiliated companies and individuals when opening a mandate, saving you time while ensuring compliance requirements are easily met. The feature provides a structured basis that can be flexibly adapted to your internal audit processes.
It allows for transparent documentation and traceability of audits – it is immediately clear who has completed a task. The history of audits is also recorded in a traceable manner via entries such as “audit completed on”. This allows you to manage risks more specifically and minimize sources of error in the mandate audit.
How it works
When opening a case, a new KYC check can be started by right-clicking. The next step is to select a template (e.g. “Standard”) that automatically sets a standard field such as “special due diligence” (yes/no/none). The templates can be flexibly adjusted or recreated in the settings.
- Based on the template, a checklist of activities is created, divided into areas such as: company data, documents, risk analysis and risk assessment
- Marking of the individual steps as “not necessary” or “done/complete" is possible
- Easy traceability of which employee has set a flag and when, including optional remarks
- Documents related to the checks can be saved directly in the activities
- Definition of roles under the “Personal Checks” tab (e.g. beneficial owners or legal representatives), public interest or links to politically exposed persons (PEPs)
Knowledge Base Articles
Prerequisites
Module “Services & CRM”
Related features
Mandate Management, Phases and subcases, Addresses and CRM
Frequently asked questions
How do I control time entered on cases/projects for invoicing?
Many companies often use Excel for time and performance recording or other time tracking tools. Afterwards, this data is copied manually to Word for invoicing. Before invoicing, the back-office must obtain approval from the recorder or employee responsible for the performance delivered. After invoicing, it sends the invoice again for final approval. Often changes are made to texts or services entered.
Vertec helps you save a lot of time here. Approval procedures ensure that the correct services appear on the invoices and approval by the person responsible is granted. The services can be approved periodically and then blocked for further adjustments. Individually for each case or project, you can also implement any other approval procedures. You can, for example, approve individual services or grouped services on individual service lists. Once a month, the supervisor or responsible employee checks the services and releases them altogether for invoicing.
Your back-office or administration can see at a glance which services can be charged and which should remain open until the next billing cycle. By this approval procedure, fewer subsequent adjustments to invoices need to be made.
Also a plus: internal communication is reduced to a minimum.
How do I create an offer on a case?
You create a new offer on an existing case. You select the service types (performance) and assign them to the offer. The budgeting follows as the next step.
One clear advantage: Case and offer are linked directly, which helps you save valuable time.
How can I test Vertec without obligation?
You may test Vertec for 30 days free of charge and without obligation in your personal test environment.
Start your free trial now.
