In the dynamic landscape of compliance management, efficient document handling plays a pivotal role in ensuring regulatory adherence and operational effectiveness. Within MCaaS CORE, users are empowered to streamline document upload processes at different stages of request processing.
Understanding the distinction between proactive document upload and supporting document upload is key to maximizing the platform's capabilities.
Let's delve into how these features contribute to enhancing workflow efficiency and decision-making transparency within MCaaS CORE.
Supporting document upload (for 'Pending', 'In Process' or 'Inconclusive' requests)
Supporting document upload allows users to upload relevant documents during the processing stages of Pending, In Process, and Inconclusive requests. This feature enables users to contribute essential information and supporting evidence as part of the ongoing request workflow. By uploading supporting documents during these stages, users can facilitate smoother request processing, enhance the accuracy of identification processes, and expedite the resolution of inconclusive requests. Click here to learn more.
Proactive document upload (for 'Completed' EDD+ requests)
Proactive document upload is available once an EDD+ request has been completed. This feature enables users, particularly those from legal or compliance departments, to collaborate and provide additional documentation or evidence related to the completed request. Users can proactively upload documents to strengthen the internal decision-making process, provide further context or justification for actions taken (such as blacklisting or whitelisting), and support operational teams with relevant details, enhancing the quality and transparency of the decision-making process. Click here to learn more.
By differentiating between supporting document upload, which occurs during request processing, and proactive document upload, which occurs after request completion, users can effectively utilize these features at the appropriate stages of the workflow to enhance efficiency, accuracy, and collaboration within MCaaS CORE.
At MCaaS, we place the utmost value on data confidentiality. Your uploaded documents will not be accessible to any other customers and will be safeguarded within your organization’s MCaaS CORE Workspace.
All proactively uploaded documents, along with documentation collected from counterparties, are examined and verified by MCaaS. During the review process, MCaaS will:
Check KYC Questionnaires for completion: standard or customer-specific KYCQs completed by the counterparty;
Validate Official documentation and perform data-stewardship by verifying the collected documentation pertaining to the entity and its larger company structure.
Explore Annual Reports, Shareholder information and publications
Verify information based on Official Registry portals
Open domain verification and third party providers.
Note: MCaaS exclusively engages in document collection with counterparties as part of the EDD+ service. Should you wish to upgrade your service to enable direct document collection from counterparties, please reach out to MCaaS for assistance.