KYC Portal are proud to be launching the new module called Corporate On-boarding Tool (COT). Following the huge demand from existing clients as well as the feedback received from the market, COT has been designed to address one of the biggest compliance challenges world-wide, the on-boarding of corporate structures.
Irrespective of the nature behind such on-boarding, starting a relationship with a corporate structures is an operational nightmare. Be it in the relationship of suppliers, operators, affiliates as well as clients, on-boarding a corporate structure is a compliance nightmare, varying from identifying all the legal parties within the structure, assessing risk, documentation requirements and numerous questionnaires. Making matters worse is the nightmare of the ongoing communication with various parties constantly to-ing and fro-ing to collect all the material based on risk.
COT is the new module within KYC Portal, officially launched last week on Tuesday the 22nd of May at the Global Regtech Summit in London. This module is going to be in production as from July this year allowing all customers of KYC Portal to start on-boarding corporate structures seamlessly.
The module focuses on giving access to the end customer directly to be able to create and modify the structure of the corporate with all the relevant parties behind the company. A module that dynamically loads the required data, documents and questionnaires that are required by the organisation. In real time amending the requirements based on the structure being on-boarded. A tool that self assess the risk being on-boarded, instantly changing the requirements based on the organisation's regulatory framework. A tool that allows the end-customer to be able to populate all requirements securely within an embedded audit. Upon submission of the application, the organisation instantly receives the entire application detail and structure, all associated documents, questionnaires filled in... and most importantly the instant perception of risk on the entire application. And all this without requiring human input from the organisation's end.
We constantly keep striving to add new features within our products that automate as much as possible the operational side of compliance. Based on client feedback... COT, is officially one of the best features to date!