IMPORTANT: Statement by the The Financial Action Task Force, FATF.
Client Onboarding Module COB
Focused on clients
New clients are highly desirable, for all financial institutions. But in this era of increasing Fraud, Money Laundering and Financial Terrorism activities, a new client might end up being a curse rather than a blessing. OPES Software’s Client Onboarding module was designed driven by the goal to apply the financial institution’s due diligence and AML/CFT procedures on every prospective client application, with the objectives of:
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Facilitating the account-application process for the prospect client, via a powerful but easy-to-use web-based application.
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The uploading and review (by the FI’s staff) of all necessary associated documents provided by the client for the account opening application.
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The review by FI staff of all new account requests, as well as their current status.
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The rigorous cross-checking of each client against a variety (at the FI’s discretion) of sanctions databases and other online services, so as to gain a complete profile of the potential client.
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Complete control at the FI management level for the acceptance or rejection of the new account application.
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The integration of all application and verification steps (optional) and associated documents with the FI’s core banking software system (OPES Software’s Unibanx suite or another product).
Process flow FI Staff side
The process
The steps incorporated in the entire cycle of application, approval or rejection will be available online, for audit purposes. Driven by client demand, this web-based application product will facilitate the FI’s review process for the typically onerous steps involved in new client on-boarding. OPES, a trusted ally of financial institutions, rises once again to the occasion, to help our customers manage the client due diligence process in their efforts to add quality accounts to their portfolio of sound new business volumes.
