How to add compliance levels and methods

A compliance method must be selected when creating business parties. Compliance methods are associated with business party types as well as compliance levels.

Compliance levels define how much due diligence must be performed. Typically compliance levels would include:

• Full compliance
• Reduced compliance
• Not required

Compliance methods define how you will perform the due diligence. Typical compliance methods include:

• Standard KYC
• Exemption
• Eligible introduction letter

To add a compliance method

1. Click Compliance > Lists > Setup > Compliance methods.
2. Click Add compliance method.
3. Enter values in the fields where appropriate. For more information, see Compliance method (form).
   
   
   
   
4. Click Save or Save and close.

 You may be eligible to perform reduced compliance or exempt a business party from normal KYC requirements if certain conditions are met. Primacy allows you to define exemption types applicable to each type of entity.

 Setting the Compliance approval level to 0 would mean that no compliance is necessary for the selected Compliance level and Compliance method, which would change the Client status to Active. Setting the value to 1 would change the Client status to Pending provision of compliance information.

To remove the compliance method

1. Click Compliance > Lists > Setup > Compliance methods.
2. Locate and right-click the compliance level that you wish to remove.
3. Select Delete.
4. On the confirmation screen, click Yes.
5. Close and restart Primacy Workplace in order to display the changes.