1.1. What do we Mean When we Say Onboarding

When people refer to onboarding clients, or, for short, “onboarding”, they often mean different things. When we say “onboarding”, we refer to both:  

• Initial onboarding – which includes actions required to legally approve a person as a client and start doing business with them; and   

• Continuous onboarding – which includes actions required to make sure that the attributes that made the person viable for being a client in the first place, don’t change throughout the relationship. This is sometimes also referred to as “perpetual KYC”, as well as included in the term “Client Lifecycle Management”.  

It is important to keep the above in mind when we talk about the Muinmos Platform as a complete solution, in comparison to other, more partial, solutions.  

Figure 1   Client onboarding includes both Initial Onboarding and Continuous Onboarding