Once an application is received, it goes through a review process which can be configured to include multiple reviews to ensure your best practices are supported.
The client relationship manager receives the application
Once your client’s onboarding application is submitted, their compliance status on the “Counterparties” page updates to "Sales Review - Onboarding." This notifies the client relationship manager that the application is ready for review. After verifying that all details are complete and accurate, the application will then be submitted to the compliance department.
The relationship manager submits to the compliance department
After submission, the status changes to "Compliance Review - Onboarding," allowing your compliance team to step in. They’ll perform crucial checks such as business and address verification, watchlist screenings, ID verification, and risk assessments. Additionally, they can add internal notes and complete a KYC checklist, ensuring no detail is overlooked in the process.
The compliance department performs their checks and due diligence
Once all the checks are done and requirements are met, the compliance team will approve the onboarding application.