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How Reardons Advisory used PlanetVerify to Streamline their KYC Remediation Project

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Established by Mark Reardon in 1988, Reardons Advisory is one of Dublin’s leading chartered accountants and statutory audit firms. The company works with clients of different sizes and sectors and is renowned for providing a personal service to their clients. 

Challenge:

As part of the company’s anti money laundering (AML) obligations, they needed to update their clients data. The key task involved collecting and verification of hundreds of clients’ personal data and id documents. 

This task presented a number of challenges:

  • Time: Reardons Advisory needed an efficient and time-sensitive solution that would eliminate the manual aspect of collecting client documents and information. 
  • GDPR Compliance: GDPR was another complicating factor in the company’s KYC remediation project. Collecting sensitive client documents needed to be done in a GDPR compliant manner. 

The goal for Reardons Advisory was to meet their AML obligations in a secure and efficient manner.

At a glance:

Challenge:

  • Needed an efficient way to collect a large volume of identity documents
  • GDPR Compliance

Solution:

  • Introduced PlanetVerify as an automated way to collect and verify customer documents

Results:

  • Automated KYC process
  • Reduced manual work
  • Enhanced security and GDPR compliance
  • On-brand and secure customer onboarding

Solution

The PlanetVerify platform was introduced as a way to automate and secure the key tasks associated with this KYC remediation project. Implementation was quick and did not require any extensive software downloads – enabling the team at Reardons Advisory to get up and running after a 2 week trial period with regularly scheduled training sessions. 

The key aspects of the solution included:

  • Automated client ID document collection and verification: PlanetVerify provides Reardons Advisory with an automated way to collect sensitive documents – replacing manual work like email and phone. PlanetVerify’s auto-reminder feature meant the team did not have to chase clients for documents.
  • Centralized Dashboard: All client data could now be managed from a single unified dashboard – with the status of each client visible to the entire team.
  • On-brand communication: On-brand client emails – which link to the PlanetVerify upload portal – are now sent straight from the dashboard.
  • Security: PlanetVerify’s end-to-end encrypted platform added an extra layer of security to Reardons Advisory operations – ensuring client documents and sensitive information is collected and managed in line with the strict security measures set out by ISO 27001. 
  • GDPR Compliance: Reardons Advisory operates a strictly controlled GDPR compliance process. Client data is managed in a highly secure and compliant way. Using PlanetVerify’s auto-purge functionality, the company was able to add an element of automation to increase the efficiency of their already tightly controlled compliance process.

Results

By implementing PlanetVerify, Reardons Advisory was able to meet their AML obligations and complete their KYC remediation project in a highly efficient and secure way. The key results included:

  • Increased KYC Efficiency – The time it takes to update a client’s data profile was dramatically slashed. Time previously spent chasing clients for sensitive documents and information was now being spent on core business activities.
  • Reduced Manual Work – The team no longer had to spend any time chasing clients for ID documents and personal data as this part of the process was now automated.
  • Enhanced Security – Clients now can only upload their sensitive documents to a highly secure centralized portal.
  • Streamlined, Secure KYC Journey – By incorporating PlanetVerify’s secure upload portal into their client’s KYC journey, Reardons Advisory are able to demonstrate their commitment to data security and compliance to their clients.
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  • Launch a better, safer alternative to email for collecting sensitive client documents and information.
  • Automate a cost-effective GDPR-compliant client documents and information collection process.
  • Deliver a world-class client experience