As the general regulatory framework is strengthening, Know Your Customer (KYC) aspects have become a major issue for financial institutions. In order to ensure compliance and minimise client irritation, CACEIS is finalising the launch of a platform that will enable it to digitise identification document collection from clients and their investors, and thus streamline and improve the security of KYC dossier administration.
"This digitisation project consisted of automating the various stages of KYC. From the online collection of documents to the validation of the file, from the interfacing of collected data to its integration into our KYC database, everything is optimised with digitised documents and monitoring dashboards" explains Françoise Seive, Group Head of KYC-Client & Business Development Support.
KYC360 is the new platform for data and document exchange between clients, their fund investors and CACEIS. The list of documents/information to be collected is generated according to the characteristics of the client or investor. The latter submits the requested documents to the KYC360 tool, which are then retrieved by CACEIS for analysis. In the event that a document does not comply with what is expected, the client/investor is notified via the platform. Once the file is complete and validated, the data and documents are automatically fed into the CACEIS data repositories.
KYC360 offers many operational benefits to clients and staff working with KYC data and documents by allowing real-time monitoring of KYC file status.
"The project to create the KYC360 platform was developed in Agile mode by CACEIS IT teams, in collaboration with the Business Development, Compliance and KYC departments. The challenge was to find the right balance between regulatory compliance and the smoothest possible client experience," explains Abdo Berberry, Head of IT lines - 3D & Client/Business Development Support.
Several modules have been delivered allowing companies and individual investors to upload their KYC documents at the time of onboarding. Clients now have full access to the Periodic File Review module deployed 18 months ago.
"Their feedback is very positive. Over the course of the year, we will enhance these modules in order to cover every aspect of KYC for companies and their investors, improving the user experience at every stage," concludes Françoise Seive.