Acquiring another bank, our Client needed to re-document thousands of client relationships. Within a strict timeline, Atfinity delivered a fully-fledged platform for complex relationships…
Our client is a mid-sized Swiss private bank who prefers to remain anonymous. As a very traditional private bank, their onboarding requirements are some of the most complex, with KYC / KYB needs that must accommodate multi-level trust structures.
They approached Atfinity as they were acquiring a smaller private bank and needed to quickly re-validate all their clients before integrating them into their client base. This would be expensive and time consuming without Atfinity’s robust digital onboarding & KYC tool.
Using the M&A event as the starting point, they proceeded to fully digitise the re-validation process and later all private banking onboardings.
To accommodate their high security needs, Atfinity was first deployed within their private server infrastructure with their IT-team trained on how to maintain the solution. In parallel, the Atfinity configuration team started to create workflows based on the banks forms, checklists and internal rules.
Together with their compliance and onboarding team the Atfinity solution was configured for the initial version of the new KYC/KYB revalidation process within 8 weeks, and all the newly acquired clients were fully revalidated by the new Atfinity KYC/KYB digital process within 4 weeks. The end-to-end processes include fact-find, cross border rules, investor profiling, applicable offering and tax documentation.
The newly created processes presented an ideal basis to fully digitise the banks entire KYC/KYB process. To achieve this fully digitised approach Atfinity was integrated with their custom CRM system, core banking, compliance databases and their LDAP user directory. In addition, the KYC/KYB processes were extended to make it easy for any relationship manager to digitally onboard the most complex private banking clients the bank would regularly deal with.
1. Created an easy to use re-validation process for complex client types with full KYC/KYB/AML including custom deployment within just 12 weeks
2. Used this as a basis to create a fully compliant fast, efficient and streamlined onboarding process for private banking clients of any complexity (even Trusts)
3. Simplified Relationship Managers’ KYC/KYB processes noticeably, with clear expectations and standards