What is the purpose of the periodic KYC timers?

The ability to create supplemental KYC expiration, out of range and refresh timers will help you with the obligation to keep client KYC information current and remind your advisors to review that information periodically with their clients. The added ability for back-office users to customize these periodic KYC timers will allow for increased flexibility for firms to align automatic updates to KYC status' with their compliance processes.

Once the module has been enabled, admin users will see the addition of 2 new options which allow you to define how many months after its Active Date a KYC will be considered Out of Range or requiring a Refresh. These options are housed within the KYC Expiry dropdown list in the KYC settings tab of the Admin Module. Admin users can enter in the number of months required before the KYC status is automatically updated, or needs to be refreshed.

The Refresh, Expiry and Out of Range date timers are all associated with the Signed Date of any active KYC. The option to enter the signed date of an active KYC is set when activating a new KYC within an investor's profile:

Once a KYC has been activated, a summary of the key dates related to the newly activated KYC will be displayed in the Active KYC table on an investor's profile:

Any active KYC will be automatically expired and the status of the KYC will be updated on the KYC table of an investor's profile once the Expiry date has been reached.

Once the Out of Range date of an active KYC has been reached, an Out of Range status marker will appear on the KYC table within the investor's profile: