The shape of the obligation
Whatever the sector, the underlying requirement is usually the same.
If you have to know who you are dealing with, this applies.
Gambling and gaming operators, payment and lending businesses, commodity and energy traders, membership and trade organisations, charities and foundations: different sectors, the same underlying requirement to know a counterparty and keep knowing. IQON is configured around how that work runs rather than around a specific industry model.
Know who the counterparty is
Understand who is behind them
Assess and record the risk
Collect what the rules require
Notice when something changes
Make sure the right action follows
Keep the record current
Be able to demonstrate all of it
How firms usually start
KYC first
Start with continuous KYC across the existing customer base, without changing the systems around it.
Then the process
Onboarding and workflow once the administrative saving is clear.
Then the relationship
Client engagement and integrations when the case is there.