Onboarding & risk appetite
Steps describing the onboarding process
Documentation gathering
The first step of onboarding involves collating all relevant documentation about the applicant. Onboarding financial institutions is a complex process and therefore LHV needs to collect data about the applicant’s corporate background, investors, key personnel, risk policies, internal governance and technology. LHV will use this data to decide whether the applicant falls within LHV’s target client base and therefore take the application to the Review and Decision stage. LHV will also consider the specific costs, risks and revenues the applicant represents.
Our mutual risk appetites must match, and therefore it is important that the client follows the LHV Risk Appetite. Each applicant will also be appointed a personal client relationship manager who will guide them through the process.
Review and Decision
After the necessary data has been collected, LHV will initiate the due diligence process. The application will be reviewed by LHV Compliance. Compliance will conduct an additional analysis of the applicant’s activities against the LHV Risk Appetite and also verify that it meets the LHV Compliance Requirements. We may require additional documentation at this point, and therefore a follow up conversation with your relationship manager may be necessary.
The analysis and decision process can be rather lengthy at times, due to the amount of documentation and details involved, but don’t worry your relationship manager will keep you updated about the progress of your application.
Contract signing & account activation
After a positive decision, legal documentation will be signed, which does usually include several agreements and activities. Thereafter LHV will grant you access to the LHV electronic channels and the basic functionality of the services will be made available.
Technical integration
The main interface for transaction processing is our Application Programming Interface (‘API’) - LHV Connect. Once the contract is finalised, clients can start building the technical integration for which the documentation is available here.
As standard, all of our customers receive access to an online banking portal where you can manage your payments, download statements and set authorisation limits. Get started with LHV straight away whilst the API integration is underway!
