• Online KYC Remediation Platform - CRS Case Study

    The OECD Common Reporting Standard (CRS), calls on over 95 participating jurisdictions to obtain financial information on certain account holders from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

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Online KYC Remediation Platform

Common Reporting Standards (CRS) – Case Study

The OECD Common Reporting Standard (CRS), calls on over 95 participating jurisdictions to obtain financial information on certain account holders from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

Similar to FATCA, CRS sets out common due diligence procedures that financial institutions must follow but broadly speaking the reportable account holder’s extends far beyond U.S. account holders and includes non-domestic tax residents, which as a proportion of the financial institutions is significantly greater than that required for FATCA.

The implications of CRS on financial institutions is a far larger number of individual and entity account holders, as well as, controlling persons will have to be identified, either systematically, wherever possible but it is anticipated that there will be a significant proportion of the financial institution’s customer base that will have to contact directly and the Business and Industry Advisory Committee to the OECD has issued a series of sample CRS forms for this purpose.

The ezyKYC Remediation Platform includes copies of each of the draft forms, which can be batch populated and distributed to account holders online, with a customised email template which can be bulk distributed for clients to edit, digitally sign and return back to the originating financial institution. The end-to-end process flow is tracked via emails and real-time dashboards to track the status of the KYC on-boarding / remediation activities.

How it works – complete CRS KYC remediation in 5 easy steps!

Prepare KYC Form

We have a comprehensive library of Common Reporting Standard (CRS) forms which are available on the OECD’s CRS portal and have been drafted by the Business and Industry Advisory Committee to the OECD and whilst these are not mandatory illustrate how financial institutions may consider requesting customer information from their account holders, which has been widely-adopted by numerous financial institutions.

Our library of templates can be supplemented by any form of PDF document and this case study serves to demonstrate the end-to-end workflow process of the ezyKYC Remediation Platform. 

The ezyKYC Remediation Platform comes pre-loaded with industry standard templates for the Common Reporting Standards (CRS) although any PDF form can be uploaded into the platform and used to perform remediation activities.

Business Account holders can select the form from the library and in ‘design’ mode modify the PDF, for example adding company logos or adding additional fields before saving this within the ezyKYC Remediation Platform.

Source Client Data

From the form library, business account users can download the file schema relevant to the selected form to be populated from core banking systems to capture known information from clients, such as their full name, date of birth and address details.

The information that is uploaded into the CSV form will be automatically be populated in the respective form using the Batch process within the Administer section of the ezyKYC Remediation Platform.

The screenshot below provides a sample of the CSV file that has been populated from core data systems in preparation for the batch upload process, which will automatically populate the relevant PDF form and automatically distribute using the relevant email template ID.

Business account users can then click on the Batch tab within the Administer function and locate the CSV file containing customer data that is to be populated into the relevant PDF form. Using this batch feature thousands of PDF forms can be populated in minutes and then distributed to end clients using a streamlined workflow engine.

Distribute Form

Prior to distributing the populated form business account holders can also create a customised email template which is allocated a unique reference identifier, to be populated in the ‘FormID’ field of the CSV file prior to uploading, which will automatically send the populated PDF file with the allocated email template to the end customer.

Business account users can differentiate the customised email templates for different customer types, different form types or different stages in the process, for example, once the form has been reviewed and approved, or alternatively a standard rejection email notification template, which rapidly accelerates the KYC remediation process.

The client will receive a unique URL link inviting them to login and complete the designated form.

There are also email alert notifications at every step in the process, including a notification back to the business account holder when a form has been returned, an email notification to the end user once a form has been reviewed and either rejected or approved so that everyone is informed at each step in the process.

Once the client clicks on the email link they will be directed to the form that should be completed. They can then add, amend or edit any details on the form before digitally signing the form, saving and returning back to the company that requested the form.

Review Completed Form

All forms that have been returned to the requesting company will be directed to the Review folder, where the company can review and either approve the form which is the end of the process or alternatively they can reject the form, giving a reason and returning the form using a pre-configured email template.

Analyse Responses

Business account holders can view the real-time operational dashboards which provides meaningful insights on remediation activities at different stages of the life-cycle, which are fully drillable to reveal the KYC forms underlying each segment of the dashboard.

The ezyKYC Remediation Platform contains a series of real-time dashboards that allows the status of all KYC remediation forms to be tracked and managed, through every stage of the workflow including:

  • Forms issued but not completed
  • Forms completed and awaiting review
  • Forms delivered but unread by client
  • Forms completed, reviewed and approved
  • Forms completed, reviewed but rejected (including counts)

The dashboards are fully drillable, enabling the user to reveal the underlying KYC remediation forms for any segment at the click of a button.

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