The great new feature called KycDate

February 16, 2020. Stefan Willebrand.

With release 2.23 of Bricknode Financial Systems we just added a new native field for Legal Entities called KycDate. KYC is short for “Know Your Customer” and if you are operating a regulated financial service company chances are that you have to do a lot of work around this topic.

Now, why is a simple field that could hold a date so great? Well, let me show you just a few things that can be done with this.

To be compliant with most regulations you need to make sure that your customer has updated their personal details and a number of other questions at least annually. In this example we built a nice KYC collection form for one of our customers which we put in as a link within System Settings and activated the function to “Validate know your customer data at login”.

What will happen now is that the customer, when they log on to the customer portal of Bricknode Broker and if the KycDate is outdated, will be presented with the KYC collection form. In that form we are able to automatically check and update their legal address from available registers, like SPAR in Sweden, and validate phone numbers. We can also make checks against sanction lists and registers of politically exposed persons and much more.

In this particular case we took the customer through the process of approving new general terms for the brokerage service and updated their risk profile and monthly savings preferences. Everything was made possible through this simple new function right inside Bricknode Broker!