Can the sector & designated services on an account be changed later?
Yes, sector configuration and designated services can be updated in Account Settings; the Risk Assessment may need to be re-completed and the AML Program will regenerate to incorporate changes.
Both the sector configuration and the list of designated services the firm provides can be updated after initial setup in Account Settings. This matters because firms sometimes evolve their service mix (an accounting firm provides conveyancing services; a legal practice expands into conveyancing).
What changes when you update the sector / services:
- Risk Assessment may need to be re-completed or supplemented to reflect the new service mix.
- AML Program auto-regenerates to incorporate the new designated services.
- Training allocation updates - users may receive additional sector modules if a new sector is added.
- Reporting fields adjust accordingly.
What doesn't change: existing CDD records, customer relationships, transaction history. These all carry forward; only the forward-looking compliance configuration adapts.
For substantial changes (e.g. fundamentally pivoting from real estate to professional services), it's worth a conversation with customer success to plan the migration - the auto-regeneration handles most cases well but a guided review is sometimes valuable.
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