Due diligence demonstration

The organization LGW Finance Group is onboarding at U-Plus Bank. The Capture and Enrich stages of the New Entity case are completed, and the case is now at the Due Diligence stage. 

The KYC Analyst can view the five main categories of the due diligence work, each represented with one or more subcases. The categories are AML, Regulatory, Tax, Credit, and Legal. In this example, the due diligence orchestration mode is configured to Standard. Had the mode been configured to Simplified, then there would only have been a handful of cases across the whole due diligence stage.  

The Client DD case GKYC-5013 covers all AML due diligence activity for the customer. Directly below, the related party subcase for Hector Nelson is completed. As a controlling Beneficial Owner, screening and the necessary Global AML questions are required.  

The KYC Analyst clicks the first Open case button, loading the case summary view. There are five stages. Expanding Related Party KYC shows the completed Hector Nelson case. Customer investigation is skipped as screening for the customer is covered during the Enrich stage of the onboarding case. Clicking the Continue button displays the Collect due diligence data assignment where the KYC Analyst will complete all questionnaires.  

The right-hand navigation contains links to any applicable questionnaires, with a percentage complete progress bar. Below is the Requirements gadget. Expanding the LGW Finance Group entry displays a list of completed documentary requirements that provides supporting evidence to certain questions as needed. For example, the Formation documents requirements can be used to prove the legal name of LGW Finance Group.  

This Global AML questionnaire contains groups that can be expanded to show individual questions. In the Basic information group, many questions are prefilled with data captured earlier in the process. This data can also be sourced from internal or external data providers. Mandatory questions are marked with an asterisk and completed questions with a green tick mark. Some of the different response types that are configured are shown, such as Yes/No, a drop-down list, or a list of values.  

The questionnaires are very dynamic so that an answer can trigger more questions or even an additional questionnaire.  

For example, expanding the Customer Risk group shows some incomplete questions. The answer yes for the first question causes a mandatory comments field to appear. Scrolling down further, there is a question regarding the source of funds. The KYC Analyst could click the Yes button to complete the question with no further action. However, answering No causes a new questionnaire for Enhanced Due Diligence to be displayed. The KYC Analyst can click the new questionnaire name to display these questions. Alternatively, the Next button below cycles to the next available questionnaire. A new group of more detailed questions related to the source of funds must now be answered.

Once all mandatory questions are answered, including the necessary supporting evidence, the KYC Analyst can click the Submit button. The work passes to a separate KYC Reviewer for review. For the purposes of this demo, the users do not change.  

The KYC Reviewer clicks Continue to present a read-only view of the questionnaires. After a full review, the KYC Reviewer adds comments regarding items that must be addressed. To send the questionnaires back to KYC Analyst the KYC Reviewer must click the Reject button. This optional exchange with the KYC Analyst continues until the KYC Reviewer is satisfied with all the answers. For this demonstration, the Approve button is clicked, without comments, to complete the review. An optional PDF file of all the completed questionnaires can be generated for later review if desired.  

With the Global questionnaires complete, the final step of AML due diligence is related to the jurisdictions in which the customer has products being onboarded. Based on the general KYC case template, these LKYC cases follow a similar pattern of data collection and review, but with fewer stages.  

Upon finishing the LKYC cases, the AML category of due diligence for LGW Finance Group is complete. Work remains across the other due diligence categories, after which the onboarding case progresses beyond the Due Diligence to Fulfillment.  

To complete this demonstration, LGW Finance Group is being onboarded, but this time using the Simplified mode of due diligence orchestration. As before, there are still separate cases for Credit and Legal due diligence. There is only one other due diligence case for the customer, which includes a subcase for the applicable related party, Hector Nelson.  

The KYC Analyst opens the case, and then the Collect due diligence data assignment. When the main data collection assignment is opened, the list of questionnaires in the right-hand panel is significantly longer than before. The KYC Analyst can now complete all questionnaires across AML, Regulatory, and Tax due diligence on a single screen. By extension, the KYC Reviewer can also do the same for their review activities. Such a process represents an operating model for an organization with a single department carrying out a large part of the due diligence work.  

This concludes the demonstration of customer due diligence.