flockdata for client on-boarding in institutional banking
TRANSCRIPT
©2013-2015 FlockData LLC - All rights reserved
Turning data into information
COLLECT | CONNECT | COMPARE
CLIENT ON-BOARDING
©2013-2015 FlockData LLC - All rights reserved
When a company wants a bank account…
Anti-money laundering control
“Unwind” a company to determine who owns it
≥ 75% ultimate beneficial ownership
KYC
©2013-2015 FlockData LLC - All rights reserved
1. Incremental info gathering2. 220 steps
The COB Process
©2013-2015 FlockData LLC - All rights reserved
1. Incremental info gathering2. 220 steps3. Over 50% manual
The COB Process
©2013-2015 FlockData LLC - All rights reserved
1. Incremental info gathering2. 220 steps3. Over 50% manual4. Cost estimated at $5-30K
The COB Process
©2013-2015 FlockData LLC - All rights reserved
1. Incremental info gathering2. 220 steps3. Over 50% manual4. Cost estimated at $5-30K5. Data structure is complex
The COB Process
©2013-2015 FlockData LLC - All rights reserved
To the level of passport pages for individuals representing at least 75% ultimate beneficial ownership of the firm
©2013-2015 FlockData LLC - All rights reserved
The COB process is repeated for each new on-boarding. One
customer may go through COB dozens of times for different
banking products. – Sr Data Officer, Global top 50 bank
©2013-2015 FlockData LLC - All rights reserved
The COB process is repeated for each new on-boarding. One
customer may go through COB dozens of times for different
banking products. – Sr Data Officer, Global top 50 bank
©2013-2015 FlockData LLC - All rights reserved
FlockData gives you the ability to store, maintain,
update and query complex data structures.