KYC Audit trail: Onboarding and monitoring of the clients made easy - Hyarchis
Solution Briefs

KYC Audit trail: Onboarding and monitoring of the clients made easy

published 2024-01-09

We all understand the importance of ensuring compliance when onboarding new clients and later monitoring their data. Accountancy companies must keep up with the ever-changing laws and regulations to ensure their clients’ documents are collected and monitored according to the rules. This naturally leads to the question: how can we simplify and automate these processes? 

Hyarchis recognizes these challenges and introduces the KYC Audit Trail feature in the Hyarchis Comply solution, which helps accountancy firms maintain a clear overview of all the required documents for client onboarding and later monitoring those documents according to the laws and regulations. 

What is KYC Audit trail? 

The KYC Audit Trail feature is designed to simplify compliance procedures and enhance client onboarding for accountancy firms. It ensures that you meet the highest standards of due diligence by creating a KYC Audit Dossier, a checklist of required documents for each client. This structured approach minimizes the risk of missing essential information and streamlines the compliance process. 

Here’s how the process looks: 

  • Create new client account: Begin by creating new clients’ account on Compliance Manager platform.  
  • KYC Audit Dossier created automatically: After creating client’s account the KYC Audit Dossier within the Document Manager platform will be created automatically. This dossier contains a checklist of required documents from your clients.  
  • PEP & Sanction or Client Acceptance checks: Use our Compliance Manager to perform PEP & Sanction or Acceptance checks. The results will be automatically saved as a PDF within the Audit Dossier.  
  • Request Missing Documents: Directly from Document Manager, you can request your clients to upload any missing documents into the KYC Audit Trail Dossier. 

Status Indicators: Monitoring the status of your KYC Audit Trail is made simple with intuitive indicators: 

  • Green: The green indicator assures you that all required documents are present in the KYC Audit Trail, and PEP/Sanction checks have passed successfully. 
  • Orange: An orange indicator denotes successful PEP/Sanction checks, even if not all documents are currently available. 
  • Red: Should the PEP/Sanction checks encounter issues or remain incomplete, the red indicator serves as an immediate alert, prompting you to address any concerns. 

Key benefits of using the feature: 

  • Enhanced Compliance: The KYC Audit Trail ensures your firm maintains the highest standards of compliance, reducing the risk of regulatory violations and helping you stay up-to-date with changing laws and regulations. 
  • Time and Resource Savings: Automation of checks and document generation reduces the time and effort required for client onboarding and monitoring, allowing your team to focus on more valuable tasks. 
  • Improved Accuracy: Automation minimizes the chances of human error in PEP and Sanction checks, enhancing compliance and safeguarding your firm’s reputation. 
  • Streamlined Onboarding: Collaborative document requests simplify the onboarding process, leading to quicker client acceptance and engagement. 
  • Real-time Visibility: Visual status indicators provide instant insight into each client’s compliance status, enabling prompt issue identification and resolution to reduce compliance-related risks.

If you’re not yet using the full Hyarchis Comply solution but are interested in harnessing the power of the KYC Audit Trail, contact us today to learn how this feature can transform your client onboarding and monitoring. 

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