Use a KYC onboarding software

Using the right technology is an essential component of your strategy. In case of an audit, investigators would like to understand in detail how you collect, store and retrieve data and KYC documents.

If you’re still relying on spreadsheets and emails, it’s going to be hard to demonstrate compliance or even find specific entries.

That’s why you need a client onboarding software to complete your KYC onboarding.

It allows you to establish a company-wide system for onboarding new clients and also serves as a centralized repository for all Ondato KYC documents, forms, and client records.

Organize supporting KYC documents/materials

Before you start designing your workflow, gather your team and audit all resources involved in managing KYC. The list below is not exhaustive, you can check out our article on KYC documents to learn more.

Standard KYC information

Basic KYC information includes personal details about your client:

  • First Name/ Last Name
  • Date of birth
  • Contact address/ proof of address
  • Contact details (email address/ mobile number)
  • Tax/personal identification number
  • Employment status
  • Annual income
  • Net worth/ details of private entities (accounts/property owned)

Standard KYC documents

The list of required KYC documents depends on the type of client you deal with (whether you work with individuals or businesses) and the country you’re in. You’ll find below a standard list of KYC documents:

  • Passport
  • National ID Card
  • Driver’s license
  • Residence permit
  • Bank statement
  • Certificate of incorporation
  • IBAN

Any document that needs to be signed

If you have any PDF forms, also make sure you organize them in a folder and get them ready for signature during the KYC process.

Map out your KYC workflow

KYC workflows can easily involve multiple stakeholders. To properly start the  KYC process, use a workflow builder to capture all of its steps. 

 Whimsical is an intuitive tool that we use ourselves to design KYC workflows on behalf of corporate clients. 

 lets you  organize your thoughts and ensure you define a complete experience before actually building it into your client delivery software.