New account onboarding

We offer a streamlined digital account opening process with a dedicated support team.

Why work with Lloyds International?

Lloyds International has the expertise and risk appetite to support service providers and corporate clients across the Crown Dependencies.

We have local teams in each jurisdiction, backed by the strength of a leading UK bank. Our experienced relationship managers know the industry and understand the whole client relationship, enabling quick and decisive pre-scoping decisions to ensure a fast, smooth onboarding process. We also have no opening or ongoing fees for standard risk clients.

As well as strengthening customer support, using KYC360’s system has simplified onboarding. After pre-scoping, clients receive a link giving them access to the platform. Where possible, forms are pre-filled to save clients’ time. Once online, they enter the details needed – with progress only possible if adequate information is given.

The system is intuitive. Based on an assessment of the organisational structure, clients are advised in advance of completing the form with exactly what information is needed. The entire process is quick and seamless.

Moreover, the use of KYC360 delivers extra benefits for clients throughout the account lifecycle. This means users can have a high-quality, consistent, user-friendly experience. 

“We understand that onboarding can be time consuming. That’s why we’ve invested in hiring the right people and enhancing our technology, to make the process streamlined.

Our dedicated team is here to support our clients every step of the way. This means we can meet their needs and help them maintain strong relationships with their customers.”

Clive Fisher, Director, Financial Intermediaries

Onboarding process

Onboarding has three principal components, each of which has the potential to cause disruption, delay and frustration for clients unless carefully managed.

Efficiency depends on an onboarding process that is clear, transparent, timely, and free from unexpected surprises.


 

 

 

  • A service provider usually gives high-level detail about the ownership and purpose of the prospective account so we can decide if Lloyds International has the risk appetite to onboard them.

    Some sectors or countries are off limits (such as those subject to sanctions). Others, such as mining or connections to politically exposed persons, need extra scrutiny due to regulatory and reputational concerns, and may also attract extra fees, which need to be communicated up front.

  • Account opening forms must then be completed. Some banks still rely on paper-based processes, but Lloyds International has recently integrated KYC360’s digital platform into our onboarding process.

    The service provider must also submit its own due diligence and know-your-customer (KYC) data on the end customer. From the client’s perspective, the key considerations are that information only needs to be given once, and support is available when needed – whether by phone or in person.

  • We review the submitted information to confirm, for example, sources of wealth and whether the purpose of the proposed structure is credible.

    Lloyds International has dedicated onboarding teams with industry knowledge, making sure all entities within the same structure are onboarded by the same account-opening specialist to avoid process duplication.

    Delays during the review, check and challenge can occur for various reasons. Clients may have made errors in their forms, for example.

    Lloyds International makes extensive file notes and gathers relevant risk reports as part of the scoping process. This means that the onboarding team is ready with follow-up questions at the onset of the review.

Onboarding process

Onboarding has three principal components, each of which has the potential to cause disruption, delay and frustration for clients unless carefully managed.

Efficiency depends on an onboarding process that is clear, transparent, timely, and free from unexpected surprises.

  • A service provider usually gives high-level detail about the ownership and purpose of the prospective account so we can decide if Lloyds International has the risk appetite to onboard them.

    Some sectors or countries are off limits (such as those subject to sanctions). Others, such as mining or connections to politically exposed persons, need extra scrutiny due to regulatory and reputational concerns, and may also attract extra fees, which need to be communicated up front.

  • Account opening forms must then be completed. Some banks still rely on paper-based processes, but Lloyds International has recently integrated KYC360’s digital platform into our onboarding process.

    The service provider must also submit its own due diligence and know-your-customer (KYC) data on the end customer. From the client’s perspective, the key considerations are that information only needs to be given once, and support is available when needed – whether by phone or in person.

  • We review the submitted information to confirm, for example, sources of wealth and whether the purpose of the proposed structure is credible.

    Lloyds International has dedicated onboarding teams with industry knowledge, making sure all entities within the same structure are onboarded by the same account-opening specialist to avoid process duplication.

    Delays during the review, check and challenge can occur for various reasons. Clients may have made errors in their forms, for example.

    Lloyds International makes extensive file notes and gathers relevant risk reports as part of the scoping process. This means that the onboarding team is ready with follow-up questions at the onset of the review.

For more information on how we can support your customer account needs, contact us . To learn more about our streamlined onboarding experience, contact your local relationship manager.

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