Client On-Boarding Verification Report (COVR)
A Consistent Standard for Client Identification and Verification Across Your Organization
Are you struggling with on-boarding your clients quickly and consistently while remaining compliant with Canadian and US AML (Anti-Money-Laundering) regulations? Are you concerned about accurate and consistent internal processing of due diligence requirements and the documentation of the client’s identity? ESC’s Client On-boarding Verification Report (COVR) provides financial institutions and other regulated entities the ability to verify, retrieve and store corporate and business client information.
ESC’s COVR report can be customized to your organization’s specifications and ensures that your client on-boarding procedures meet regulatory requirements.
Third-party public records verification: the key to an effective client due diligence program.
The ESC COVR report delivers efficiency to your client verification process. Your staff will be able to quickly verify public record information about your clients using the COVR report’s standard formatting.
In addition, ESC provides seamless recording of client updates to provincial and national registries.
These two significant advantages help satisfy your obligations of client identification and verification by streamlining internal workflows. Whether you are regulated by OFSI, IIROC, or need to report to
FINTRAC, ESC’s COVR solution delivers real-time client identification and verification with ease.
COVR Key Benefits:
- Enhance enterprise on-boarding due diligence practices across multiple lines of business
- Improve efficiency with immediate access to client information completed during the on-boarding processes
- Minimize risk by using third party public record verification to ascertain client information
- Increase productivity by reducing manual documentation review
- Proactively identify potentially fraudulent client information at the beginning of a client relationship
- Easily manage and monitor changes to client information after initial on-boarding
With ESC’s COVR solution you can:
- Validate the existence and status of corporations, business names and trademarks across Canada
- Verify clients nationwide and get supporting government documents within seconds at on-boarding
- Enhance compliance programs through auditable tracking and billing features for all due diligence activities
- Centralize your repository of client records
- Export all data elements as XML or in various other flat file formats
- Integrate ESC’s COVR solution into your account opening process using SSO or XML web services