Our client is a private limited liability company incorporated in England, authorised and regulated by the FCA.
The firm needed an efficient and centralised way to manage the onboarding process for clients and introducing brokers such that all steps and documentation could be managed, and selected information could be easily shared with authorised parties at all stages of the process.
Business objectives for the project were:
- Enable compliance to store and review client information relating to the onboarding and account opening process
- Securely store client documents for easy access by authorised users only
- Enable directors and compliance users to assess and manage the client portfolio on an ongoing basis
Working with our client we developed the compliance onboarding portal with the following capabilities:
- Stores information about new clients and introducing brokers
- Includes an online workflow to track progress towards client approval
- Allows authorised users to log in to review the progress of their onboarding
- Allows upload of documents (e.g. company accounts) to secure cloud storage repository
- Includes diary features to review client information on a regular basis
- Integrates with client middle-office systems to import trading data
Our client’s compliance department and management have an online record of all authorised clients who are approved to trade. All relevant documentation is securely stored in the cloud representing a significant reduction in administration overheads. Adherence to regulatory KYC requirements can be demonstrated for each and every client in an efficient and straightforward way.