Curious to hear from others who have successfully implemented or are in the process of implementing full digital onboarding for non-resident corporate accounts. Specifically interested in solutions that handle complex UBO structures and various proof of address requirements without requiring physical presence. What platforms are proving most effective for robust KYC/AML in this niche?
This is a massive undertaking, especially with the UBO complexity for non-residents. We're still largely paper-based for these accounts because the digital solutions just haven't quite met the regulatory bar for our compliance team.
Fully digital seems like a pipe dream for non-resident corporates, honestly. The risk appetite for most financial institutions just isn't there yet to trust a completely remote process for such high-risk accounts.
We've had some success with a hybrid approach, using a third-party for initial document verification and then a video call for identity. It's not fully digital, but cuts down on the physical presence requirement significantly.
We're piloting a solution from Trulioo, and so far it's been promising for the KYC/AML aspect. The UBO mapping still requires a fair bit of manual oversight, though.
Are any of you finding a single platform that can truly handle the international proof of address diversity? That's our biggest bottleneck right now.