1.The customer experience and cost of inefficiency.Delays in account opening due to NIGO documentation will negatively affect the client relationship and firm operating costs...
2.Data integrity.Inaccurate data collected during account opening can impede middle office efficiency
3.Principal review and approval.Direct-to-manufacturer business must still be reviewed and approved prior to submission. This continuing requirement will impede the utilization of non-automated STP services provided by the fund company.
4.books and records compliance.The information collected during account opening is a key component of what will later become the firm’s books and records, thereby creating the baseline profile from which compliance with regulations will be measured. These documents will be inspected during a regulatory audit to demonstrate compliance. When a firm’s books and records are not compliant, firms run the risk of expensive fines and legal fees.
Apr 21st, 2015
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