Identify, Profile and Know Your Customer

The first major task once an new customer application has been received by the organization and captured into the system. Early in the new account opening process it is essential to ensure that the customer identity that has been provided is valid and there is enough information to develop a profile of that person. This is required by AML in the form of Know Your Customer, as well as to allow the financial institution to offer products that are most appropriate and meet their risk, investment and suitability profile.

Several tasks must be performed at this step in the process:

• Check application: Check that all requested information has been provided on the application
  
• Gain consent: Gain customer consent for sharing of information with 3rd-parties, receiving information electronically, etc.
  
• Generate Profile: Generate a client profile based on the information provided
• Master Account Opening: Create a 'master account' for the customer as a holding point in the business systems
• Customer Identification Program: Validate the identification provided by the customer
• Customer Due Diligence: Know Your Customer
  

Return to Approach to Improving New Account Opening process