New Account Application tickets move systematically through the New Account Application Pipeline, use this guide to better understand what occurs in the pipeline once the account is opened by our custodian.
Account Opening/Opening Account Action Item
Assigned To: Onboarding Team
What's Happening?: During the Account Opening or Opening Account action item, our custodian reviews the account opening paperwork to ensure all necessary documentation is provided and in good standing. In this step, we are awaiting the account to be opened.
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If the ticket is in the Opening Account action item, the account is being processed through NBIN's automated account opening service.
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If the ticket is in the Account Opening action item, NBIN is manually opening the account via our manual submission of the paperwork via NBIN's Onboarding service.
Once the account is successfully opened, the ticket moves to the Pending Final Compliance Review action item.
SLA: 1 - 2 business days
Final Compliance Review Action Item
Assigned To: Compliance Team
What's Happening?: Once the account is opened, the ticket is assigned to our Compliance Team for review. In this step, the team:
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Reviews and stores the completed client onboarding documents.
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Cross-checks the documents against internal records.
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Confirms the appropriateness of the assigned model.
Next Steps: Once the review is complete, the ticket moves to the Completed stage, where it is closed and finalized, requiring no further action. If discrepancies are found or the model is deemed inappropriate, the ticket is marked Deficient and assigned back to the Portfolio Manager for further review to make the required changes.
SLA: Same-day
Enhanced Review (Conditional Step)
Assigned To: Compliance Team
What's Happening?: To ensure compliance standards are met, a percentage of tickets are flagged for Enhanced Review. A ticket will be placed in In this action directly after the Final Compliance Review action item. In this action item the Compliance Team conducts an additional review, cross-checking internal documents for discrepancies or issues with the assigned model.
Next Steps: Once the review is complete, the ticket moves to the Completed stage, where it is closed and finalized, requiring no further action. If discrepancies are found or the model is deemed inappropriate, the ticket is marked Deficient and assigned to the Portfolio Manager for further review to make the required changes.
SLA: Same-day
Completed Stage
What's Happening?: Once our Compliance team has confirmed the validity of the internal documents and the appropriateness of the model assigned, the ticket moves forward to the Completed stage where the ticket is closed and finalized.
Next Steps: No further action is required.
