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- 1. www.slideproject.com 11 Know Your Customer process of ABC Pvt. Ltd. Submitted by - Aditya Karki D-04
- 2. www.slideproject.com Integrated securities firm Headquartered in Mumbai Equity, Mutual funds, derivatives etc. Introduction to ABC Pvt. Ltd.
- 3. www.slideproject.com KYC process before Improvement • For mutual fund transactions, customers have to be KYC compliant • KYC process for ABC Ltd is performed by third party vendors like CVL, NDML, CAMS • Customer details such as identity proof, address proof, PAN card are obtained from the customer and fed to the CVL system • CVL verifies the various documents and updates the application status in its database 1 > Approved 2 > Rejected 3 > On Hold • These statuses are made available to ABC at midnight every day – daily updation
- 4. www.slideproject.com Process flow prior improvement ABC CVL NDML CAMS NSE Application codes 1 > Approved 2 > Rejected 3 > On hold CVL – CDSL Ventures Ltd NDML – NSDL Data Management Ltd
- 5. www.slideproject.com Problems identified • Customers were permitted to get their KYC approvals from any of the registered third party vendors. • ABC Ltd. used to get the application status details from CVL which used to internally co-ordinate with the other vendors like NDML, CAMS etc. • Due to the different practices and codes used in NDML, CAMS, there used to be delay in transmitting information to CVL and finally to ABC Ltd. •Also, CVL used to update the application codes at midnight every day so there was substantial time lag between the customer getting KYC compliant and them starting mutual fund transactions.
- 6. www.slideproject.com Improvement • Standardization of the application codes across the KYC industry • CVL interlinked its system with NDML, CAMS and other third party vendors • Updation of the application status codes started on a real time basis • ABC Ltd interlinked the front end of their portal with the CVL database • This led to crucial time saving and cost saving for ABC Ltd • KYC process which earlier took around 2 days, after improvement now takes only few hours.
- 7. www.slideproject.com Process flow post improvement ABC CVL NDML CAMS Real time update 1 > Approved 2 > Rejected 3 > On hold