Your business is unique and so are your customers. Cookie cutter solutions for completing KYC compliance checks won't get you all the way there. In many instances key pieces of data will be missing so that you need to go back to the customer to request additional information or documents.
When compliance analysts need to request additional information from a customer, which can't be gathered through automated checks, they can use a more flexible solution.
PassFort forms can be created and tailored for each compliance task, and completed with your customer to collect the different types of data needed for robust due diligence.
Keep control of KYC
With PassFort, you create an automated workflow of tasks to complete the usual KYC checks such as an electronic ID check or fraud check.
What you can also do is create a form associated with a task in order to collect other types of data that can't be captured in the automatic checks. The form can be completed, with associated files attached, when you need to garner more information - such as source of funds - for a new customer.
The information you request is collated in the PassFort platform, which ensures the data is structured in one secure, online space. And, capturing additional information in forms associated with a KYC task means less to-ing and fro-ing with the customer to get due diligence done. You maintain integrity and protect your relationship with your customer.
How it works
With regular KYC compliance tasks, you can:
- Run a check. The results of that check will pretty much take up and complete the whole of the task
- Add a note. This is a small area at the bottom of the task where you can leave a comment and upload a file
But, say you need additional information, something that's not brought in by an automated check. Perhaps you need something like company data - a shareholder document - this is where PassFort forms come in.
Your administrators can configure a form to include whatever questions you like or need answering on a task. They can create them with free text fields, multiple choice options, file uploads and more.
They seek the additional information from the customer, the form is completed and the automatic checks can be run again (if needed).
It's great to have a flexible fallback if the usual checks you need to run don't work for some reason or you need to do additional due diligence to complete a KYC task.
The other piece of good news for compliance teams is that a bespoke form can be setup and associated with any task they need to complete. They don't need to jump into a custom task, everything stays connected and related.
If it works for you, different forms can be created and configured for each task you need to carry out to complete a due diligence process.
If you would like to see how this could work for your firm, please get in touch. A member of the PassFort team would be glad to talk about your unique requirements and tailor a demo.