Acumen's Journey to 80% Faster KYB Onboarding with Know Your Customer
As a prominent provider of financial outsourcing and recruitment services, Acumen Group specializes in delivering tailored solutions across a variety of sectors, including accounting, payroll, insurance management, and corporate services.
However, Acumen faced significant hurdles with their traditional client onboarding and due diligence processes, which were manual and time-consuming.
The previous approach necessitated extensive back-and-forth communication with clients to collect required documentation, often taking up to five working days to complete. This inefficiency was compounded by the challenging task of tracking client passport expiration dates, a process susceptible to errors and a drain on valuable team resources.
The Challenge
To enhance their operations, Acumen sought a RegTech solution that could address these challenges by providing:
- Streamlined Document Management: Quick digital access to mandatory documents for each jurisdiction, simplifying the onboarding process.
- Intelligent Automation: Automated extraction of shareholder data and mapping of company structures to boost efficiency.
- Centralized Compliance Workspace: A unified digital platform to manage all compliance activities effectively.
- Robust Compliance and Audit Trail: An immutable audit trail, along with regulatory updates and advanced analytics, to ensure compliance and inform decision-making.
