KYC never stands still – and neither does CoorpID! You may already be a CoorpID bank user, make sure you keep up to date with all our latest updates and features to see how our solution is helping you and your corporate clients remain compliant.
In this newsletter:
- Perpetual KYC means: continuous compliance
- Sibos2023 was inspiring
- An interview: ongoing pilots with two banks
- Updates on the September release
- How to invite clients for a KYC review via the CoorpID platform?
- Download the e-book on KYC challenges for FI’s
Perpetual KYC = Continuous compliance
AML, privacy and compliance rules are in a constant state of flux. But just because the rules may have changed over the years, this doesn’t mean regulators (or customers) will necessarily be forgiving if you fail to adhere to them. That’s why periodic KYC reviews no longer cut it. Instead, it seems like it’s time to adopt Perpetual KYC to ensure you’re always compliant.
One of the major trends being seen in the KYC space is a shift from periodic reviews to event-driven perpetual reviews. In part, this is because KYC regulations are continuously shifting. In the US, for example, a crackdown on Real Estate money laundering was announced that will have significant implications for KYC reviews.
And it’s not just the Real Estate sector that is experiencing these kinds of shifts. Across different industries and jurisdictions, regulations are constantly changing – as are customer circumstances. This means that traditional approaches to KYC come with an obvious flaw – between periodic reviews, customer information may be out of date or no longer adequate for compliance. Perpetual KYC, on the other hand, ensures organisations achieve their regulatory obligations through real-time risk assessment.
If Perpetual KYC is the aim, then banks will need to use the right RegTech tool – one that embraces innovation to meet ever-changing KYC demands. That’s certainly the case with CoorpID. Interested in understanding how the CoorpID platform can help in a Perpetual KYC setup? Drop us an email at: firstname.lastname@example.org.
Looking back at Sibos2023
Pilot Projects at two European banks
CoorpID is currently conducting pilots at two large European banks. Bart Jansen and Jelmer de Vries were interviewed about the pilots and how they were set up: KYC Customer Outreach Pilot Projects – CoorpID
If you are also interested in participating in a pilot, please contact Bart Jansen (email@example.com) for more information.
Product updates – September
What’s new for bank users
- Our new support tool – Bank users will now notice a question mark at the bottom right of the platform. This is our support tool and provides another opportunity for direct contact and feedback. It is better to use this tool rather than sending an email, speeding up problem resolution.
- Enhanced review functionality – You can now add a list of entities during a partner review. You also no longer need to be a Team Manager to do so. Member and Contributor roles also have this ability.
- Archive requests, entities and corporates – We’ve added an option for partners to archive KYC requests in the CoorpID platform. KYC requests can accumulate quickly but our new feature means banks can archive requests and when all requests relevant to a particular entity are archived, the entity itself is also archived. This provides added clarity for partners, streamlining the requests page.
What’s new for corporate users
- Our new support tool – Corporates will also notice a question mark at the bottom right of the platform
- Enhanced review functionality – For a corporate KYC review, we have added:
– The option of sharing a single KYC request instead of sharing all
– the ability to undo request delegations by selecting the label “unassigned”
– delete information that you have previously added for review
– upload multiple files from your vault instead of just one
- External Partner Flow additions – Corporates can now delete external business partners within the platform and edit external partner names. We have also added a new section to send messages. External partners can also now respond to messages via the CoorpID platform even when they have not registered to the platform
- Archive requests, entities and partners – We’ve added an option to archive requests. KYC requests can accumulate quickly but our new feature means corporates can archive certain requests. When all requests relevant to a particular entity are archived, the entity itself is also archived. This provides added clarity by streamlining the requests page
Create a KYC review without using e-mail 🙂
As a CoorpID bank user, you can quickly create KYC reviews for your corporate clients, requesting the necessary information and manage the corresponding documents and messaging. On average, CoorpID generates a 25% timesaving per KYC review for its bank users. Be sure to take a look at our User Guides, which explain how easy it is to use the CoorpID platform. They include instructions on inviting clients to CoorpID, how to request documents from a corporate client, user access management and more.
Need help? Send a request through the new support tool! www.coorpid.com
Download the 5 KYC challenges for banks
Know Your Customer has turned out to be a lot more burdensome and costly than anyone could have imagined. Based on our knowledge of the Financial Services and KYC industry, we have identified five KYC challenges that Financial Institutions (FIs) are facing today:
- Negative customer onboarding experience
- Customer Outreach friction
- A shortage of skilled compliance personnel
- Rapidly changing regulatory requirements
- Adopting a new approach: Perpetual KYC
👉 How to resolve these challenges? Simple! Download the e-book