Who It’s For
- Corporate service providers and professional firms that need onboarding done properly the first time
- Teams that want a predictable checklist to avoid bank back-and-forth
- Owners who want risk decisions recorded clearly, with a controlled archive
Compliance support for 700+ Cyprus entities. CySEC ASP License 135/196. Response within four business hours.
What You Get (Deliverables)
- Checklist by client type (individual / company / trust) and risk tier
- Secure file structure with naming rules and a permissions register
- Verification and screening evidence saved with clear references
- Ownership map (UBO chart) and supporting registers
- Risk scoring and a decision note with assumptions logged
- Bank-ready pack (forms, resolutions, signatories, evidence)
- Refresh calendar with reminders (by risk tier)
Process
- Scope: confirm client type, countries, and the receiving bank’s expectations.
- Intake: issue the checklist; set up secure uploads; check quality and completeness.
- Verify & screen: run checks; save results and references to file.
- Assess: risk score and decision note, with exceptions recorded.
- Submit: final pack sent via the agreed channel; queries logged.
- Archive: file indexed; refresh dates set and tracked.
Evidence Matrix by Client Type
| Client Type | Identity | Address | Ownership & Control | Additional (SoW/SoF) |
|---|---|---|---|---|
| Individual | Passport/ID (certified if required); liveness (if used) | Utility/bank/statement ≤3–6m | N/A | Source of Funds/Wealth statement + supporting docs |
| Corporate (EU/Cyprus) | Director/signatory IDs | Registered office proof | Certificate set, register of shareholders/UBOs, org chart | Purpose of relationship; activity narrative |
| Corporate (Non-EU/High-risk) | Director/signatory IDs (certified) | Registered office proof (certified) | Corporate tree with ultimate owners; enhanced verification | SoW/SoF with evidence; adverse media review |
| Trust / Foundation | Trustees/Foundation officers IDs | Registered address | Deed/charter; beneficiaries/Protectors; control provisions | Purpose statements; funding history |
| UBO of Corporate | UBO ID (certified if required) | Proof of address | Ownership % confirmation | SoW/SoF evidence proportional to risk |
| Authorised Signatory | ID + specimen signature | Proof of address | Board resolution / mandate | Role description; access scope |
Requirements vary by institution and jurisdiction. We align checklists to your policy and the receiving bank’s standards.
Case Study
Third-Party Supplier Onboarding That Prevented Exposure (Anonymised)
Client: Cyprus trading company onboarding a new overseas supplier (anonymised)
The client needed to onboard a supplier quickly, but the file had gaps that could have created compliance and banking exposure later.
MegaServe issued a tailored checklist, verified the entity and ownership, screened key persons, and recorded findings in a decision note. Where documents did not meet the required standard, onboarding was paused and escalated for decision.
Result: exposure was avoided before onboarding occurred, supported by a clean audit trail showing why the supplier was not approved.
Requirements
| Individuals | Corporate Shareholders / UBOs | Entity Documents |
|---|---|---|
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We tailor this checklist to the receiving institution and your internal policy. We also provide file-naming and certification guidance to reduce rework.
Controls & Quality
- Dual control on onboarding approvals and outward submissions
- Full audit trail: versioning, screening references, and decision logs
- Role-based permissions (least privilege) with an access register
- Exceptions and assumptions log with documented rationale
- Refresh calendar and periodic review tracking by risk tier
Risk & Consequences of Poor Onboarding
- Bank rejection: incomplete or poorly organised files are the most common reason banks reject or delay account openings.
- Regulatory exposure: missing UBO identification, absent screening records, or undocumented risk decisions can trigger regulatory findings during inspections.
- Operational delay: every round of bank back-and-forth adds days or weeks to your go-live timeline; getting it right first time is the fastest path.
- Counterparty risk: onboarding without proper verification can expose your firm to sanctions breaches, fraud, or reputational harm — as the case study above illustrates.
FAQs
Do you replace our compliance officer or MLRO?
No. We prepare, organise, and track files using your policies and approved tools. Approvals remain with your compliance function.
How long does onboarding usually take?
With complete documents, 2–5 business days is typical. Enhanced due diligence or bank clarifications can extend timelines.
Can you prepare files for multiple banks or jurisdictions?
Yes. We tailor checklists and packs to each institution’s format. We cannot guarantee bank approvals.
How do you handle PEP or sanctions hits?
We document the hit, gather supporting evidence, escalate per policy, and record the decision and rationale. In some cases we may advise not to proceed.
What tools do you work with?
We use your screening/KYC platforms where available, or agreed vendor tools. Files are stored in a secure data room with role-based access.
What documents do I need to onboard a corporate client in Cyprus?
At minimum: the company's certificate set and constitutional documents, shareholder and UBO registers with an ownership chart, director and signatory IDs with proof of address, a purpose-of-relationship statement, and source of wealth or funds evidence proportional to risk. Enhanced due diligence applies for non-EU or higher-risk structures. We tailor the checklist to the receiving bank's requirements and your internal policy.
How much does client onboarding assistance cost?
We offer per-file fixed fees for standard onboarding packs (checklist, verification, screening, risk note, bank pack) with separate pricing tiers for standard, enhanced, and high-risk files. For firms with regular onboarding volume we offer monthly retainers covering a set number of files plus refresh cycles. Translations, apostilles, and third-party screening tool subscriptions are billed at cost. Written quote after scoping; no hidden fees.
See also
Client Screening Services · Know Your Client (KYC) Procedures · Anti-Money Laundering (AML) Procedures
Other Jurisdictions (on request)
Where required, we coordinate client onboarding procedures through vetted associates in selected jurisdictions.