We were recently talking and giggling with peers and colleagues about how Bitcoin Suisse ⛑ was trying to solve their operational issues by increasing the number of minimal required customer deposits and how many banks are now introducing KYC and onboarding fees 💰 for all new clients.

You know why they are so desperate to do it, right?

• They don’t know how to review customer accounts easier and faster and try to recover the costs of onboarding.
• They see a lot of accounts that have been reviewed and approved, but never transacted, so they are trying to discourage non-serious and non-committal clients from wasting their time and other resources?
• They likely have a long operational backlog 🧯, and in order to hire more people or add new tools, their onboarding team has to become a “profit centre”.

Why I don’t believe that charging customers for onboarding or introducing minimal deposits is a good strategy? 

If you don’t know how to solve your operational issues, these problems will catch you later on, as a result of inefficient alerts, redundant red flags, and multiple false positives, when customer transactions will be paused, delayed, refused, or interrupted 🤬. If you don’t know how to quickly make decisions about new customers when they just onboarded, you will get even more confused and overwhelmed operationally, when they begin transacting, receiving funds, and doing trades.

Mission impossible – right?

Well – one option to go about this is to introduce so-called conditional customer approvals as a part of your onboarding flow.

Conditional approval? What..? How..? Which regulation allows it? Where can I read more..?

To address all the questions and get you up-to-speed with the best practices of Onboarding Institutional Clients, I have designed a 2-day (1 hour a day) Workshop on How to Onboard Corporate Customers and Review Complex Legal Structures taking place on April 14th and 15th.

This workshop is structured around pragmatic risk acceptance decisions and cost-benefit analysis, which is why, if you decide to join, not only will you learn about the latest industry-specific risk indicators and red flags associated with various industries and corporate structures, but – MOST IMPORTANTLY – you will see how to quantify risks and risk acceptance decisions and clearly demonstrate the value added by or lost in your onboarding flow.

Curious to learn more – sign up here!