Deleting a record sounds like the simplest function a compliance platform can offer, yet it has become one of the trickiest to get right.
As KYCP explains, the arrival of GDPR complicated matters considerably, forcing systems to balance the right to erasure against the need to retain certain data for AML purposes depending on the case at hand.
To resolve this tension, KYCP has introduced a recycle bin concept to its platform, giving firms a secure halfway house between a live record and permanent destruction, and allowing users to recover certain elements of an application whilst it sits in this temporary location.
Until now, KYCP users could delete a record by right clicking on an application or entity and selecting the delete icon, before choosing between a “logical” or “physical” deletion. The physical route removed every trace of the record, including audits, notes and comments, leaving no evidence it ever existed. The logical route, by contrast, preserved an audit trail confirming a record once existed and was deleted, which was useful for investigations.
However, KYCP notes that many customers wrongly assumed logical deletion meant a record could be retrieved, causing considerable grief when they discovered it could not. Access to these settings has always been rights-based, letting firms control which users can delete records.
The new feature reshapes how deletion works across both entities and applications. To prevent accidental removals, the system now prompts users to type the word DELETE into a text box before proceeding. Deleted records are then moved automatically into a secured temporary folder called DELETED RECORDS, accessible from the right-hand side menu and restricted to users who have been assigned the appropriate right.
Within this screen, which functions much like a traditional recycle bin, authorised users can view all deleted applications and entities. According to KYCP, such records can never be reinstated within the live case itself, but the module does allow users to export the related application data to a PDF. Those with the necessary permissions can also physically delete records from the system, either individually or in bulk.
For more, read the announcement here.
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