The client onboarding is one of the most critical functions for trust and company services providers as it directly affects client experience, services and relationships.
Client onboarding is a major focal point for trust and company service providers, which are struggling with evolving regulatory scrutiny which would increase operational overheads. They need to streamline the onboarding process and offer a transparent client service while meeting their regulatory obligation. It means that they must pay attention to “know your customer” (KYC).
The trust and company services providers find that the client onboarding function can be extremely complex. The onboarding complexity is due to different local regulations and the lengthy documentation requirements involved.
The process for a client to be formally on-board and start doing business with a trust and company service provider can take several days or weeks due to regulatory requirements.
A typical Client Due Diligence consists of the following;
- Gather client details.
- Identify and request relevant client documentation.
- Perform regulatory AML and KYC due diligence.
- Complete additional client ID, document checks (geographic-specific) and approve
Ren Technology Services is ready and able to offer our services to help streamline your onboarding process. Clients can leverage our online platform, which consists of an onboarding process, sanctions screening, and an advanced background checking process. RTS will be able to tailor our services to offer you our customers, the required level of flexibility that is unique to your organizational needs.