Level 1 - Registration
This fully automatic process allows you to quickly and cost effectively carry out an initial risk analysis on your customer. Registration data is processed and verified by documents that are automatically pulled from Companies House. These documents often contain full name, registered address, status and business activities (sector) and directors.
Level 2 - Simplified Due Diligence
If increased risk factors are found, a simplified customer due diligence analysis may have to be performed. This step which is primarily automated will allow us to complete a company’s legal entity ownership verification along with undertaking an automatic screening on all owners against sanctions and PEP lists.
Level 3 - Enhanced Due Diligence
If additional high risk findings are made, a Customer Due Diligence analysis may have to be performed. This would typically include directors and ultimate beneficial owners.
Level 4 - Periodic Review
Once a business relation is established and the customer is categorised as low, medium or high risk, the CDD analysis may need to be reviewed periodically.
Level 5 - Continuous Due Diligence (CDD)
CDD is Equiniti KYC Solution's future state vision for the industry. As external data sources become more organised and structured, we will be able to receive automatic real-time notifications in relation to the management and ownership modifications. We will also be continuously informed of any hits on screening and bad press, allowing us to keep track of all relevant changes.
The Onboarding MVP will allow you to satisfy your customer compliance needs in a quick, consistent and cost effective way.