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I. OVERVIEW
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Under the module Investment, users with privileged permission can Create applications by clicking the “Create” button, user needs to select the application type to create:
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1. Application Type
Account Creation: to create a client account.
Account Amendment: to edit existing client account
2. Account Type
Individual Single: There is one Contracting Party in this Account Type. The Contracting Party of the account must be a Person account, and the beneficiary is the contracting party.
Legal Entity - PIC: There is one Contracting Party (or Legal Entity) in this Account Type and it must be a Company account, and users have to select one or more Personal Accounts as beneficiary.
Individual Joint: This account type includes a Primary Contracting party (one) and a Secondary Contracting party (one or more). It must be a Person account, and the beneficiary is the contracting party.
Legal Entity - Trust Own PIC: This account type includes PIC and Trust. It must be a Company account, and users have to select one or more Personal Accounts as beneficiaries.
3. Team (display if users select Account Creation)
Users select a team that he/she belongs to. In Application details, all accounts will be filtered by the selected team
4. Amendment Section (display if users select Account Amendment)
Users need to select which section that he/she wants to edit:
Client Assessment
Create New Agreement under the existing Client account
Change CP/BO information
Edit Existing Agreements or bank accounts under existing Client account
Household
Review Cycle
5. Client Account (display if users select Account Amendment):
User need to select which existing client account that he or she wants to edit
Flow is the same for creation and Amendment:
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RM & ARM: User with permission create/update Application
Compliance Team: user with permission update the Application and Partially Approve or Reject an application
Management Team: user with permission update the Application and Approve or Reject an application
II. APPLICATION DETAILS
Creation: to create a client account, the user needs to fill up the following information:
Step 1 - Account Information
Step 2 - Household: under module Investment, a household is a group of client Accounts in the same Team, not related to the client's address
Step 3 - Contracting Party/Legal Entity: Use select account(s) as Contracting party or legal entity. According to the client account type that the user selected before, the number of Contracting parties or legal entities is different for each type
Step 4 - Beneficial Owner: The number of BO is different for each type
Step 5 - CP/BO Information: this step is for reviewing the user’s choice in the step 3 and 4. Users can edit information on CP/BO in this step. If the application is approved, the new information will be reflected in CP/BO account details and the change won’t be applied if the application is rejected.
Step 6 - Client Assessment
Step 7 - Management Agreement
Step 8 - Bank account(s): Bank account number can be filled in after the application is approved
Step 9 - Evaluation: Evaluation needs to be filled up by RM / Compliance Team and Management Team during approving application process
2. Amendment: In the Application Amendment, it shows the Account information (View only) and the Amendment Section that the user selected. If the application is approved, the new information will be reflected in the Client account details and the change will be discarded if the application is rejected.