KYC Types can be very dynamic in nature. A response to a question can lead to many different actions that might redefine the content of the questionnaire.
For example, a certain response can:
- Bring up a new question that was not applicable before
- Change a condition to be either mandatory or read-only for other questions (or a group of questions)
- Trigger complex process logic, for example, a customer risk evaluation that (ultimately) results in adding an additional KYC Type to the case
Let us assume that, during the Standard Due Diligences process in an onboarding application, the
system presents to the user the question:
Is the customer a politically exposed party (PEP
)?. If the user provides an affirmative response, depending on the business policies of
the financial institution, the system probably needs to carry out a number of automatic
actions. For example, the system might need to:
- flag the customer as a PEP
- re-evaluate the associated risk
- if required after a customer risk reassessment, bring up an additional KYC Type to conduct Enhanced Due Diligence
The following sections describe how the items in the KYC Types can be configured to support these kinds of dynamic changes in the KYC questionnaires.