The Ontario Securities Commission has prepared reports to provide guidance to securities advisors, investment counsel and portfolio managers ("ICPMs") in complying with the Ontario securities act and laws. The following below are some audited observations made by the Ontario Securities Commission regarding KYC requirements that have been documented malpractices:
KYC information was not collected for all clients
KYC information that had been collected was not complete
KYC information had not been updated periodically or since the opening of the account
KYC information was not formally documented
KYC forms were not signed by clients
A standard KYC form was not used to collect and document KYC information and suitability information
Here are suggested practices given by the Ontario Securities Commission:
Complete KYC information must be collected for all clients
KYC information should be periodically updated
Clients must sign the KYC information form
If possible, maintain KYC information in an electronic format which can be used to generate exception reports
Maintain a pending file when a KYC form is incomplete
The pending file should be cleared on a timely basis and prior to any trade execution
The KYC Information System is a web based application which allows the financial services industry and their various participants the ability to collect the required KYC information, generate investor profile reports, produce client contract agreements, and create investment policy statements for the client going forward. All the required data is stored in a database and is easily accessible for updating. This ensures that KYC information is fully collected, documented and completed.
The system also includes an investment policy questionnaire, which allows industry participants to complete with their clients in order to determine the appropriate risk profile that the client should be able to accept. Once this questionnaire is completed, the system generates an investor profile report for the client. These results are calculated through an algorithm built under guidelines by the industry participant and flexible to the needs of the industry participant firm. Subsequently, an investor profile report can be printed as well as transferred to a savable PDF file where it can then be stored, documented and emailed throughout the organization.
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General Contractor Project Tracking System
A General Contractor is one who contracts for the construction of an entire building or project, rather than for a portion of the work. The general contractor hires subcontractors, such as plumbing contractors, electrical contractors, etc., coordinates all work, and is responsible for payment to the subcontractors.
With the many activities occurring at once, it is imperative that a general contractor be organized both on the project site and at the office. The old term "time is money" is one of the most important philosophies of a general contractor. Proposed projects are usually dependent on a timeline. If that timeline is past due, chances are, the general contractor is losing profit on the project.
It is most important that the general contractor, along with his project managers, be focused solely on completing the project efficiently, and not losing valuable time at the office by manually organizing purchase orders, change orders, invoices, budget reports, etc.
The General Contractor Project Tracking System is a client-server application which tracks residential/commercial project information from start to finish. This system generates and keeps track of client information, proposal and costing, client contracts, construction startups, all contactor and sub-contractors, purchase orders (PO) and changes orders, daily logs, and client memos.
The system includes many powerful tools:
Proposal building tool
Contract building tool
Detailed budget reports
Client options and color building tool
Client & Contractor information reports and mailing list
