Remediation Progress Reports

After processing the data and aggregating account balances based on customer ID, the reporting status of account holders can be ascertained. Once this status is determined, banks can proceed with remediation and documentation efforts.

Remediation Process

• Data Processing: Aggregating account balances based on customer ID to determine reporting status.
• Documentation: Ensuring that all necessary documentation is complete and accurate.
• Remediation: Taking corrective actions for accounts that require further attention, such as updating information or obtaining missing documentation.
• New Accounts: For new accounts, it is a necessary to obtain self-certification from all new account holders if documentation was not completed at the time of on boarding.

Importance of Remediation

Remediation is crucial for ensuring regulatory compliance and maintaining data accuracy. By addressing any discrepancies or missing information, banks can avoid potential penalties and ensure that all reporting requirements are met.