5 KYC Check

This topic provides systematic instructions about the KYC Check stage in the Group Concentration Limit Amendment Process.

This is an optional stage and it is applicable only if the Is KYC Required check box is selected in the ‘Enrichment’ stage. If the KYC details are available for the group entity, then the banker can add the KYC details to the Group Concentration Limit Amendment application. Adding KYC details helps the Reviewer and Approver to determine the originality of the organization.

Note:

Company’s KYC related data must be updated as per bank and regulatory policy requirement.
  1. From Home screen, click Tasks. Under Tasks, click Free Tasks.
    The Free Tasks page is displayed.

    Figure 5-1 Free Tasks


    Description of Figure 5-1 follows
    Description of "Figure 5-1 Free Tasks"

  2. Acquire & Edit the required KYC task. The KYC Evaluation - Customer Summary page is displayed.

    Figure 5-2 KYC_Customer Summary


    Description of Figure 5-2 follows
    Description of "Figure 5-2 KYC_Customer Summary"

  3. Review the Customer Summary and click Next.
    The KYC Check page is displayed.

    Figure 5-3 KYC_Check


    Description of Figure 5-3 follows
    Description of "Figure 5-3 KYC_Check"

    In the KYC page, provision to add KYC details for the group entity is provided.

  4. Click the hamburger icon in the required record. The following options appears:
    • KYC Details
    • KYC Evaluation (appears only if this feature is enabled in Maintenance module)
  5. To add the KYC Details, click KYC Details option.
    The KYC Details window is displayed.

    Figure 5-4 KYC Details

    KYC details such as Verification Date and Effective Date
    For information on fields in the KYC Details page, refer the below table.

    Table 5-1 KYC Details

    Fields Description
    Report Received If KYC report is available for the organization, enable the Report Received switch.
    Verification Date Click the calendar icon and select the KYC Verification Date.
    Effective Date Click the calendar icon and select the Effective Date on which the KYC verification is approved.
    KYC Method Type the KYC Method. For example: Field verification is a KYC Method.
    KYC Status Select the KYC Status. The options available are Verified, Yet To Verify, and Verification Failed.
    Create Click Create. KYC details are updated in the KYC page.
  6. To perform KYC evaluation, click the hamburger icon and select KYC Evaluation. Questionnaire maintained for the KYC evaluation is displayed.

    Figure 5-5 KYC Evaluation

    Questionnaire for KYC Evaluation
  7. Select answers for the available questions and click Next Category.
  8. Right arrow icon appears in case of multiple questions, click the right arrow and answer all the questions in all the category.
    Total score is generated and displayed for the KYC evaluation based on each answer provided.
  9. Click Save. The KYC page is updated with the Evaluation Score as shown below.

    Figure 5-6 KYC Evaluation

    KYC status KYC Evaluation
  10. After adding KYC details or performing KYC evaluation for the group entity, click Next.
    The Comments page is displayed.

    Figure 5-7 Comments

    Overall Comments for KYC Evaluation
  11. Post comments, if required. Posted comment is displayed below the Comments box.
  12. Click Submit.
    The Policy exceptions window is displayed.

    Figure 5-8 Business


    Description of Figure 5-8 follows
    Description of "Figure 5-8 Business"

    By default, policy exceptions are displayed for both the organization (party) and its child party.

  13. To view the policy exception detail specific to party or child party, select the party from the drop down list at top left corner.
  14. Click the Checklist data segment.
  15. Select the Outcome as PROCEED.
  16. Click Submit. The amendment application is moved to the Review and Recommendation stage.