ONBORD is an extremely flexible piece of technology. It is white labeled and can be altered to reflect your current onboarding process. So for each of our clients it can look quite different but at its heart it is always doing the core task of providing clear and consistent risk pictures. We make sure you know who you are dealing with to avoid dealing with bad actors. We also eliminate all the manual nonsense involved in doing this. ONBORD technology allows any business to sign up new counterparties automatically: no manual back and forth; no checking different systems; no input errors. It's a one-stop solution for signing up new counterparties quicker and better. No upfront cost and no costly inhouse development.
ONBORD will flag if a counterparty is on any of the following:
Anti-Money Laundering Watchlists
CIA and INTERPOL wanted/watchlists
ONBORD will flag if a director of the business is an identifiable PEP and will flag the nationalities of all directors to highlight any potential links to higher risk countries. It automatically checks against known government officials from around the world using the CIA database and does a search to identify any other potential PEPs.
Most high risk flags caught by the system are related to adverse media - it is highly unlikely you will encounter someone on a sanctions list but of course you need to always be vigilant and do the check.
Tracing who actually owns a company is essential in the current regulatory climate. AMLD 5 elaborates on the need to identify the Ultimate Beneficial Owner (UBO) of a business. The potential penalties for not looking at layers above a particular company and potentially to the side of it are enormous. ONBORD automatically checks directors of all companies in a stack for potential flags and not just the particular legal entity that you are dealing with. To the extent possible, ONBORD identifies the UBO.
ONBORD forks to an Enhanced Due Diligence path when potential flags arise which can involve a Source of Funds, Source of Wealth check or requests for further supporting documentation.
ONBORD doesn't just save you time, it saves the time of the counterparty you are checking. They don't need to download an app and can input data from any device especially their mobile phone. Counterparties expect a quick process and ONBORD always is. Data is only requested where it is not already know from a reliable source and data is validated as it is input which reduces the risk of incomplete and incorrect applications.
Most larger businesses have various systems that don't easily communicate to each other. By getting the counterparty being checked to input data directly into the platform, ONBORD reduces the cost and risk of rekeying data. The final report can also be passed into various internal systems via Zapier or our API.
By populating forms as much as possible, the platform minimises the risk of human errors and creates a more efficient and user-friendly experience.
As data is input into the system, it is checked against external sources. For example, it is very easy for addresses to be incorrect or incomplete, all addresses are checked against the official postal service database which is constantly updated. By checking data in real time, the system can provide feedback to the user and prevent manual errors.
Simply take a photo of a document and upload it securely rather finding a scanner and sending an unsecure email. Also quickly takes a photo/video and can do a liveness test to protect against identity theft.