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Customer onboarding

Pre-Onboarding Preparation

Obtain necessary regulatory approvals and licenses

Define customer onboarding policy and procedures

Establish a dedicated onboarding team

Develop a customer information form

Documentation Collection

Collect required identification documents (e.g., passport, driver's license)

Gather proof of address documents (e.g., utility bills, bank statements)

Obtain social security number or tax identification number

Collect business registration documents (for corporate customers)

Obtain necessary legal and compliance documentation (e.g., anti-money laundering forms)

Verification and Due Diligence

Verify the authenticity of identification and address documents

Conduct customer due diligence (CDD) checks

Perform Know Your Customer (KYC) procedures

Screen customers against internal and external watchlists

Assess the customer's risk profile

Account Setup and Configuration

Create customer account in the system

Assign account numbers and unique identifiers

Configure account features and permissions

Set up online banking or mobile app access for customers

Establish account funding options (e.g., linking bank accounts)

Product and Service Selection

Determine customer's financial needs and goals

Offer suitable financial products and services

Provide information on available investment options

Explain terms and conditions of selected products

Obtain customer consent for product/service selection

Initial Funding and Deposit

Assist customer in making initial deposit

Provide guidance on funding methods and options

Explain transaction limits and processing times

Ensure compliance with relevant regulations

Confirm successful completion of the deposit

Welcome Communication and Education

Send welcome letter or email to the customer

Provide an overview of account features and benefits

Offer resources for financial education and guidance

Explain how to access customer support services

Set expectations for ongoing communication and updates

Monitoring and Ongoing Compliance

Establish a system for ongoing transaction monitoring

Conduct periodic customer due diligence reviews

Update customer information as required

Monitor changes in customer risk profile

Ensure compliance with regulatory reporting obligations

Customer Feedback and Satisfaction

Collect customer feedback on the onboarding process

Address any concerns or issues raised by the customer

Continuously improve the onboarding experience

Measure customer satisfaction and loyalty

Use feedback to enhance future onboarding practices

Note: This checklist is a general guideline and may vary depending on the specific requirements and regulations of each financial services organization.

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