Adding a New KYC
You can improve client service levels by recording important facts about the client’s goals and investment strategies in the form of Know Your Client (KYC) information.
Clients may have more than one account with your company with different goals and objectives for each account. For example, the investment strategies of your client could be different for a non-registered account, as opposed to an RRSP account.
With R•Desktop, you can set up as many KYCs as needed for a specific client. Each account must have its own KYC, even if it is the same as another KYC. The ability to copy a KYC, so that its details need not be entered again, is also available.
There are several types of KYC you can set up, depending on the type of account registration:
• Sole Owner (SO) indicates that the client is the sole owner of the account.
• Joint (JT) indicates ownership of the account by two persons. When one person dies, ownership of the account passes to the survivor.
• Tenants in Common (TIC) indicates that the client is a co-owner of the account. If one owner dies, the other does not automatically take the account. Whoever is designated in the decedent's will inherits the decedent's share of the account.
• In Trust For (ITF) indicates that the client is the administrator of the account, and there is a beneficial owner.
Once you have set up a KYC for a client, you can link the KYC to the client’s account when you open the account. You can also access the KYC information conveniently from individual account screens.
Note:
There are multiple tabs that make up the KYC profile. Tabs and fields will vary, depending on license.
Information in this section includes the following:
To add a KYC
2. From the Client Overview screen, select KYC from the More... list. The KYC Summary dialog appears.
3. Click an Add or View/Edit button for any record in the list. The Client KYC Details dialog appears displaying the Overview tab.
4. To create a new KYC record based on the information from the selected KYC record, click Copy. All eligible fields are copied over to a new KYC form where you can make changes.
5. To view a summary of the KYC and the accounts it is attached to for the client, click KYC Usage. The KYC Usage screen appears listing all the accounts for the selected KYC.
6. To cancel the KYC, click the Cancel KYC button. Enabled for an existing pending KYC.
7. Fill out the fields on each tab, as described in the following tables, then click OK to save.