The KYC form is the core tool in your Anti-Money Laundering (AML) process, and in the Parallel platform, you can manage it using our parallels feature.
Parallels are a powerful and flexible process management tool that helps you collect, review, analyze, and manage client information efficiently.
Note:
When we write Parallel with a capital “P,” we’re referring to our software platform.
When we write parallel(s) with a lowercase “p,” we’re referring to the individual processes managed within the Parallel platform.
Daily KYC Tasks Made Simple
Parallel streamlines your daily KYC management tasks with features like:
Real-time KYC Status Tracking: Always know the status of your KYCs at a glance. Use filters to manage them—no need to track manually in a spreadsheet.
Automated Client Reminders: Set up automatic reminders when sending KYC forms so you don’t have to follow up manually.
Built-in Communication: Communicate with your client and leave notes for your team directly within the parallel—no more endless email threads.
Organized Documentation & Review: Work directly within the platform to organize and review client documents—no need to download or store files elsewhere. This will make the review process much more simple.
Integrated Signatures: Once your client completes the KYC form, launch the signature process from Parallel—no need for additional forms or back-and-forth emails.
Team Collaboration: Share all your KYC processes with your team or specific users, or assign a specific process to someone else. Avoid delays caused by processes stuck in one person’s inbox (especially if they’re on vacation).
Adapting KYC to Meet Regulatory Requirements
Beyond daily operations, the platform is designed to help your organization comply comprehensively with AML regulations.
Here’s how parallels support regulatory compliance:
Adaptation of KYC to your organization’s requirements: Customize the form to your specific needs. Add, remove, or modify fields to collect exactly the information you need.
Personalization of forms for each client: Create dynamic forms that adapt based on the client’s responses, showing only relevant fields and hiding those that are not.
Automatic client profile management: You can connect Parallel forms with your client profiles for automatic data syncing—both when creating a new KYC (so it’s pre-filled), and when closing the KYC process (so the profile is updated).
Automatic risk evaluation: Implement a scoring system based on your internal risk matrix to automatically assess the client’s risk level based on their responses.
Integrated identity verification: Include remote identity verification processes directly in the form, compliant with regulatory requirements.
Sanctions and PEP list screening: Automatically check clients against sanctions lists and politically exposed persons (PEPs) lists.
Audit trails and reporting: Maintain a detailed record of all actions taken during the KYC process to support compliance and facilitate audits. Also, access reports, metrics, and a real-time compliance dashboard to optimize your workflows and demonstrate regulatory compliance.