The obvious time to get the information you need from new clients or investors is when they first sign up. The challenge then is putting all the various requests together without making it totally confusing. Add to that where that information has to go, what is done with it and how it affects your organisation. So the whole process of onboarding isn't always a simple one but it is key from a compliance perspective and also for getting those first insights into your client from that initial data. It's also an important first impression of you, so it's important to get it right for many reasons.
Complexity in Compliance
The modern regulatory environment means that compliance usually kicks off from that very first onboarding interaction. Confirming identity, validating documents, KYC checks, tax forms, sanction checking, risk profiling - the list can be pretty long. It's not uncommon to implement these in isolation but that means that data isn't used efficiently and the flow for the client can be frustrating, having to enter data unnecessarily or multiple times. A well-designed process and user interface allied with experience of the users are key to the goal of a user experience that makes onboarding a positive for everyone.