Wealth management investment products and KYC processes


 


The Know Your Customer (KYC) onboarding process is the biggest bottleneck in wealth management. Financial institutions are frequently abused for money laundering and terrorist financing. There's no easy solution, but we can guide you through a wealth owner's due diligence process from their point of view. Wealth managers are obliged to strict due diligence requirements.  Presenting the KYC information comprehensively and coherently is key for a smooth onboarding process. Wealth managers need to act in their customers' best interest, disclose potential conflicts of interest, and ensure fair treatment of their customers. For example, ask if there is any potential conflict of interest associated with the latest super-exclusive product that your wealth manager recommended to buy. Ask for the internal remuneration of such services to find out the hidden cost or cross-selling incentive.

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