Client renewals and expected processing time

The Client Renewal module enhances our digital Online Due Diligence (ODD) service. This module facilitates ODD processes for your end-customers within the platform, allowing you to submit ODD information on their behalf and track the ODD process status.

For new and active ODDs, you can start reviewing, validating, and updating information using digital forms within the Client Renewal module.

The ODD review covers the following:

• Contact information
• Proof of residence
• Nationality
• Proof of identity - i.e., passport, national ID documented within the profile
• Industry and occupation, including current work status and title
• Politically exposed persons (PEP) self-declaration
• Financial information – salary after tax, investable assets, primary source of funds, source of wealth, intend to invest, proof of income or employment if elevated risks exist as documented within the profile
• Tax information – tax residency, tax ID and documentation which is documented within the profile

Validated information is processed through automated risk models, with Enhanced Due Diligence (EDD) for high-risk clients.

Locating the renewal modules 

Users can find the renewal modules in the Dashboard, where both the Active and Upcoming renewals tiles are displayed.

Renewal Approaches: Private, Joint, and Corporate Accounts

Please view the following articles outlining the steps needed to conduct renewals for specific client types;

• Private and Joint accounts 
• Corporates 

Monitoring ODD Status

Clients requiring ODD appear in the module under 1. Upcoming, 2. Active and 3. Processed. Track client statuses including pending submission of additional information, those in progress, and processed indicating renewal completion.

Active Renewal Status Filters

1. Renewal Status: 'All' - Overview of all renewals
2. Renewal Status: 'New' - Needs attention from you or the client
3. Renewal Status: 'Waiting' - Initial renewal form submitted
4. Renewal Status: 'In Progress' - KYC specialists are reviewing
5. Renewal Status: 'Pending' - KYC specialists requires further clarification from you or the client
6. Renewal Expiry Date: Filter by predefined days or custom date
7. Last Updated: Filter based on when status changed

Expected processing time

Upon initiating the regular, time-triggered renewal process, you will have 90 days to complete it. After this period, the client will be placed on Reduce Only and eventually terminated. You can monitor timelines based on the ‘Renewal expiry date’ in the Renewal tab.

Renewals might have different deadlines, depending on the reason (regular time-triggered renewals with 90 days (about 3 months) vs client event triggered renewals with 20-30 days, e.g. if clients deposited more money than they initially declared to fund or based on transactions made) 

If you or your designated employees do not have access to the renewal module, please utilise the Admin Tool to assign the necessary roles. The admin tool allows you to create new users, remove users, modify their permissions, and update their contact details, all hosted within the platform. To appoint administrator users, please complete the following documents: 

• This sheet confirming the details of the users* who should be appointed as admins on the platform
• POA form to be signed in accordance with your signature policy 

*We strongly recommend appointing more than one user to ensure you always have internal capacity to perform this task. 

Authorization Roles

Access to Client Renewal is controlled via authorization roles. Separating the role accesses will allow for increased compliance and control. Please read which roles are applicable for Client Renewal here.