Know Your Client (KYC) procedures, are the processes that many financial institutions and other regulated companies, carry out to ensure that the data stored by them to identify their clients is relevant information pertinent to performing financial business for and with them. With rhymeSIGHT Know Your Client, institutions have the ability to create and easily maintain a comprehensive record, relating to a client and the relationships that they may have with the organisation.
Mindful of the greater need for control over client data, only users who have rights and permissions can access this part of the system to set-up and maintain client-related records. The need for greater quantities of referential data for money laundering/KYC checks has also been recognised and it is now possible to not only record more diverse records, such as passport or tax identification numbers, but also to call the underlying image of records that helps in the event of compliance audits. Throughout the module there are a variety of reports and enquiries available that support and report upon the data contained and maintained through the module, including: passport numbers, other proof of ID passwords, TIN (Tax Identification Numbers), and client classifications and their amendments.
rhymeSIGHT Know Your Client makes use of the templating mechanism that aids input and on-going maintenance of client data. Templates exist in the area of case (the product level), and portfolios type profiles thus allowing, for example an individual to have an interest in more than one product offered by a rhymeSIGHT user. This flexible approach allows firms to align account opening processes with the flexibility offered through the configuration of these templates, whilst at the same time aiding input and through increased use of defaulting, can reduce the number of data keying issues. This allows the rhymeSIGHT user to have a streamlined, efficient and consistent method of customer set-up, that meets with the needs of the FSA money laundering requirements as well as EU driven initiatives such as MiFID.