20 Dec 2022

Preparing for the Compliance Challenges of 2023: KYC-Chain's New Features and Upgrades

2022 has been an exciting and eventful year for KYC-Chain. We’ve been accelerating our upgrades and new feature launches as the year draws to a close, and have some exciting new updates and tools to announce to our community. 

Building on our October launch of the Instant Company Structure Visualization tool that allows users of our end-to-end workflow solution to quickly and easily visualize all entities’ relationships and Ultimate Beneficial Owners (UBOs) / principals via a fully dynamic, on-the-fly company structure chart / organigram. This is a powerful and highly useful tool for businesses seeking to onboard clients or customers with complex ownership structures or operations and footprints in diverse markets.

One particular area we’ve been focusing on is how to optimize the onboarding process for our clients in the fund/wealth management and administration space. A common challenge for many such clients has been obtaining the requisite KYC information from their customers in order to complete their onboarding process. 

We have developed a new feature – "Manager Fill" – which allows managers and admins to answer questions and upload forms & documents in the management app on behalf of their customers. This allows our clients to expedite onboarding of their own customers, which is particularly important for sectors with highly time-sensitive operational demands, such as fund and investment management. 

Additionally, our Applicant Management tool allows managers to delete existing applications when needed. 

Other recent features, fixes and upgrades we have introduced or are in the process of implementing include:

  • Email notifications sent to managers now include even more information about the relevant application, providing detailed summaries of the prospective customer’s KYC information and risk profile.
  • Added flexibility for identity attributes has been integrated 
  • The Audit Trail now shows the old/new values whenever a requirement's value is filled/updated in the application
  • Internal and External notes can be written in Markdown in the same way as the welcome message, allowing for multi-line notes that include links, lists, and styled rich text
  • Various Risk Scoring improvements
  • And more

It’s been a thrilling 2022 and we’re very excited to keep the momentum going with new launches and features as we head into 2023.

From all of us at KYC-Chain, we’d like to thank all of our clients and community for being with us on this journey, and look forward to continuing to provide the most innovative and effective KYC solutions on the market for you in the new year. 

And if you’re not yet a KYC-Chain user and are looking for a market-leading and constantly-evolving onboarding solution for all of your KYC/AML needs and challenges, get in touch and we can start a conversation.  

Any Questions?

Our team is always ready to help you and your business.
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