Customer and supplier onboarding is challenging at the best of times, but onboarding corporate, fund and trust entities is especially difficult due to the complex nature of underlying business structures.
As a result, the process is slow, linear, sequential, and frustrating for all concerned. At its most painful, it may involve multiple touchpoints with requirements to unravel all connected parties, ownership structures, ultimate beneficial ownership (UBOs), and other shareholders, across many jurisdictions.
Common problems encountered include:
- Too many touchpoints with prospect to establish company structure
- Inconsistent data collection, missed data, duplicate data
- A slow, linear, sequential process resulting in a poor customer experience
- Manual risk rating of parties
- Inability to create and validate structure charts for entities
- Entities and individuals being onboarded multiple times in error
- Fragmented process using several tools to complete onboarding
- Lack of a consolidated audit trail to demonstrate compliance
This infographic highlights these challenges in more detail, as well as how Ultimate Beneficial Owners can be buried deep within a corporate structure, making it very challenging to identify them.
Download the infographic by completing the form on the right.