Introduction to Customer and Party

The on-boarding action is the very first activity carried out by the bank for a customer. Hence, it holds a lot of relevance from the bank’s perspective as this sets the course for a relationship that gets established between the bank and its customer.

The bank, on its part, likes to collect maximum information of the customer, retail or corporate, during the onboarding activity itself.

As per the Australian regulation, banks need to capture the name and address of customers. Also, the KYC details, tax file number, and exemption category need to be captured.