The five stages of the onboarding process include: (1) Data collection, where personal and financial details are gathered; (2) Verification, through KYC and AML compliance checks; (3) Risk assessment, where the client profile is evaluated; (4) Account setup, including systems access and product allocation; and (5) Engagement, which involves educating clients, explaining policies, and providing support. These stages ensure a balanced focus on compliance, client experience, and efficiency. A clear, structured onboarding journey reduces regulatory risk and builds long-term trust.
