Frequently Asked Questions on the Know Your Customer (KYC) Data Model
Get answers to the most frequently asked questions regarding the Know Your Customer (KYC) data model, using the context of onboarding an applicant for a product for better comprehension.
Required Editions
| Available in: Lightning Experience in Enterprise and Unlimited Editions that have Financial Services Cloud enabled |
What is a Party Profile?
A party profile record represents the KYC details of the party that you’re onboarding, including compliance-related details such as credit score and risk profiles.
How is Party Profile different from Account?
Party Profile contains compliance-oriented information that’s crucial for the Know Your Customer (KYC) process, such as identity verification result, anti-money laundering screening result, credit profile, and risk profile. In contrast, Accounts hold front-facing details, such as name and email, that are relevant for customer interaction roles such as account management or relationship management.
Why separate Person Accounts and Party Profile?
Person Accounts focus on front-facing information such as customer details, while Party Profile delves deeper into compliance-oriented data. Administrators can control the access to data on a need-to-know basis.
What are the child objects of the Party Profile object?
Party Profile Address, Party Credit Profile, Party Identity Verification Summary, and Party Screening Summary are some of the child objects of the Party Profile object. See the Know Your Customer data model for the full list of objects.
What is the objective of the KYC data model?
The KYC data model provides a comprehensive view of the party, with various details such as employment, identity verification, AML screening status, credit profile, risk profile, income, and assets.
How to use Party Profile during the onboarding of a new applicant?
During onboarding, a party profile record is created. It undergoes KYC processes such as identity verification and anti-money laundering (AML) screening. Data collected determines the customer's risk rating and the results are stored in the Party Risk Profile record.
How to determine the next party profile review date?
The risk rating can influence the frequency of party profile reviews. Higher-risk party profiles necessitate more frequent reviews. The next review dates are recorded in the Party Profile object.
How to handle Re-KYC for a party profile based on an event. For example, when the party you’re onboarding becomes a Politically Exposed Person (PEP)?
For a party profile designated as a PEP, you can choose to either create a party profile record and conduct a full KYC again, or update the existing party profile record with the latest information.
How to handle address updates for a customer?
In cases of address updates, typically through a service request, a full Re-KYC isn’t necessary at all times. You can create a record or update the existing party profile record based on your needs.
What's the difference between Applicants and Party Profile?
An Applicant refers to anyone interested in a product, whereas a Party Profile encompasses broader KYC compliance details for parties being onboarded for the product. For more information on Applicant, Party Profile, and Account objects, see Know Your Customer.
How is the data distributed between Applicants and Party Profile?
In a scenario where you must gather, for example, applicant’s income details whenever an applicant applies for a product, use the relationship between Party Income and Applicant. For income verification during the KYC process, use the relationship between Party Income and Party Profile.
