The Know Your Customer on boarding process
Each asset manager has its own onboarding process and has interpreted and designed the substantive details as he sees fit. This can - of course unintentionally - result in fines from the authorities when the asset manager does not comply with the laws and regulations. In collaboration with Wijnstekers Financial Law, we have made the onboarding process as compliant as possible with MiFID, MiFID II and the AVG.
The onboarding process
The MiFID and MiFID II regulations stipulate that various details of a person must be recorded in order to be able to provide appropriate investment advice.
The know your customer on boarding process that is documented in the SCOPE KYC Cloud Portal, is constructed in collaboration with Wijnstekers Financial Law, in order to comply with MiFID and MiFID II as closely as possible.
Besides MiFID and MiFID II, the new regulation for data protection; the GDPR (General Data Protection Regulation) is also an important factor to consider. By making the software accessible to both the asset manager and the client, a large part of the GDPR has been fulfilled.