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Client Onboarding & KYC Overview

Kooltra’s Onboarding Forms provide an intuitive interface for electronically capturing all required client KYC information. This article explains everything you need to know.

Contents

  1. How is Client Onboarding & KYC Managed in Kooltra?
  2. Which aspects of the Onboarding Forms are configurable?

How is Client Onboarding & KYC Managed in Kooltra?

Kooltra has an array of functionality for managing client onboarding and KYC updates / reviews, all of which are driven by Onboarding Forms.

These forms support company, individual and joint account onboarding and capture all of the information needed for clients to start trading, including:

  • All KYC information
  • Disclosures / declarations
  • Acceptance of terms and conditions

Kooltra supports all of the workflows around capturing and validating this information in order to approve clients for trading. For detailed information on each workflow, explore the documentation organized by user group below:

See Which aspects of the Onboarding Forms are configurable? to understand how the forms can be customized to meet your specific needs.

 

Which aspects of the Onboarding Forms are configurable?

The onboarding forms are designed for our customer’s unique workflows. However we recognize that the combination of different jurisdictions and regulatory frameworks, as well as our customer’s diversified product offerings and target markets, can impact the KYC data that needs to be collected. As we have continued to build out our compliance processes, we are making our onboarding forms more and more customizable to meet our customer’s needs.

Entity Information

  • Address types - The primary address is always ‘Default’ but the Billing and Shipping addresses can be relabeled. Relabeling the addresses will also change the label within the Back Office / Compliance UI

  • Business Registration Types - Define the accepted registration types that you will onboard

  • Registration Jurisdiction - Define the accepted jurisdictions from where you will sign up customers

Entity Classification

  • Sector & Nature of Principle Business - These lists are controlled by the compliance department with each Nature of Business assigned a risk score to be used in assessing the counterparty and their transactions

  • Source of Income - A customizable drop down with preconfigured options

  • Entity Categorization - The list of entity categories are customizable, however the supplementary questions asked are not currently customizable

Profile

  • Purpose of Business Relationship - Customizable drop down list

  • Expected Product Traded - Customizable list of products offered

  • Expected Currencies Traded - Customizable list of currencies offered

  • Countries Funds with be sent/received from - Customizable list of acceptable countries

  • Funding Methods - Customizable list of methods for clients to fund their trades / account

  • Payment Methods - Customizable list of payment options for clients to send funds

Authorized Individuals

  • Occupation - Customizable list of occupations that link are linked to risk scores

  • Identification - Configurable to require document data, actual copy of the ID, both, or make both optional

Politically Exposed Persons Declaration

  • None

Upload Documentation

  • Documentation Description - Free-form rich text to clearly provide guidance for individuals or entities on what documentation they need to provide

  • Supplementary Documents - User defined list of documents with attachments for the user to download and upload again as part of their application

  • Document Types - A user defined list of acceptable document types for upload. There are also settings that control if at least 1 of a certain document type needs to be provided

Disclosures

  • Disclosures are fully configurable with as many questions as needed. For each question it is possible to specify whether customers can answer Yes / No / Yes with additional information

Review & Submit

  • Privacy Policy - Add your company’s privacy policy for the user to accept

  • Terms & Conditions - Add your company’s T&Cs for the user to accept

  • Attestation - Add a custom attestation to get permission from the customer to share data with third party vendors where needed, etc.

  • Digital Signature Consent - Customize the digital signature consent to abide by local laws