Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation would vary from account to account or categories of accounts depending on the bank’s perception of risk. Periodical updation of records also helps prevent frauds in customer accounts
In such cases maintaining history of all the documents submitted becomes a tedious job. It is even more challenging to search specific documents when in need. DigiSmart – Document Management & Digitization Services can help you to resolve these issues.
Document preparation is the first stage of a scanning project and is probably the longest stage in the project.
It was noted above that documents should be batched together for scanning. This should be done in order to make it easier to manage the documents and to make it easier to sample the records during quality control. Documents should be batched by similar classification, retention and disposition dates.