2.2.2 KYC Review During Onboarding
OFS KYC onboarding service caters to all the needs of KYC regulations. It performs Customer Identification Program (CIP), Screening, Scoring, and Decision for on board as well.
For more information, see Oracle Financial Services Know Your Customer Service Guide.
The questionnaire which is considered as a way of gathering additional information is also available. All of these help in deriving the decision for Onboarding the prospect. The CIP and watch list screening are performed for the prospect and all related parties. Without completing the CIP and performing watch list screening of the prospect and related parties, the prospect cannot be onboarded. OFS KYC comes pre-packaged with Auto High Rules (Rule-based) and Weighted Risk Factors (Algorithm-based) for scoring the prospect.
The following figure shows the flow for a prospective customer:
