Know your customer requirements
- What a year of customer due diligence costs
- 14,791
- Files opened a year
- 332
- Customer files carried
- 1,243
- Hours a year opening new files
- 196.7
Every figure this worksheet prints is arithmetic on the customers you enter, and on nothing else: nothing is imported and nothing is assumed about your book. Where a page states a rule rather than a calculation, the regulation behind it is cited under the tool it appears in, with a link to the section rather than to a home page.
The figures above start from a worked example (14,791). Change any input and the answer updates as you type, the way it will the morning a higher-risk customer arrives.
Download the Know your customer requirements worked example (CSV)
The know your customer requirements worksheet answers the question a compliance owner gets asked at a board meeting and usually cannot answer: what does knowing our customers cost us a year, and how much of the book can we not currently answer for. Put in how many customers you take on at each risk rating, how long a file takes to open, how often each rating comes back for review and how many files have no review date recorded against them. It gives you the hours, the annual cost, the files falling due next month, the size of the backlog and what clearing it would take. Everything is arithmetic on your own numbers, nothing is stored, and there is no account.
Clientvo Pro
Keeping the file an examiner will ask you to produce
The worksheet tells you the shape of the work. Pro holds the work itself: one record per customer, the evidence attached to it, the approval on it and a due date that comes round whether or not anyone remembers.
- Keep the file on your own disk as well as ours
- No Clientvo mark on a document that leaves your building
- Come back to a half-finished file instead of starting it again
- Your company name and registration number on every printed file
- The whole book at once, for the request that asks for all of it
- The review reminder goes to whoever owns that customer
$29per month, whole team
Start Clientvo Pro PricingClientvo Pro is $29 a month. It renews on the same day each month at the same price until you cancel, and the price and the renewal date are shown on the checkout page before you pay. We will email you before any price change and you can cancel before it takes effect.
What a compliance owner asks before running the Know your customer requirements
Where do the default numbers come from? They are a worked example, not a benchmark, and they are there so the page shows an answer before you have typed anything. Change every one of them: the whole point of the worksheet is that the shape of this work is different at a lender taking on ten businesses a month and at a marketplace taking on four hundred individuals a week.
Why does it ask for files with no recorded review date separately? Because that number is the one people have never counted and the one they are asked for first. Everything else on this page is the cost of doing the work properly from now on. The backlog line is the cost of the years when nobody did, and it is the only line here that does not go away by itself.
Does it store what I type? No. The worksheet runs in your browser, nothing is sent to us and there is no account to open. If you want the answer kept, along with the customer files behind it, that is what the paid plan is for, and you would be choosing to put it there.
Where the constants in this tool come from
31 CFR 1020.220(a)(3)(ii), customer identification program record retention (eCFR).