FlockData for Client On-Boarding in Institutional Banking

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Turning data into information

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CLIENT ON-BOARDING


What is client on-boarding?

(COB)


When a company wants a bank account…


When a company wants a bank account…

Anti-money laundering control

“Unwind” a company to determine who owns it

≥ 75% ultimate beneficial ownership

KYC


The COB Process


1. Incremental info gathering

The COB Process


1. Incremental info gathering2. 220 steps

The COB Process


1. Incremental info gathering2. 220 steps3. Over 50% manual

The COB Process


1. Incremental info gathering2. 220 steps3. Over 50% manual4. Cost estimated at $5-30K

The COB Process


1. Incremental info gathering2. 220 steps3. Over 50% manual4. Cost estimated at $5-30K5. Data structure is complex

The COB Process









To the level of passport pages for individuals representing at least 75% ultimate beneficial ownership of the firm


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


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


FlockData gives you the ability to store, maintain,

update and query complex data structures.


Graph Search Document


Turning data into Information

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FlockData for Client On-Boarding in Institutional Banking