KYC as a Service
KYC as a Service offers end-to-end client identity, verification, screening and monitoring for accelerated client onboarding, remediation and refresh built on an interactive platform that streamlines KYC compliance and the distribution of due diligence documentation.
Setting the standard in KYC compliance
In a landscape of continuous change and increasingly complex regulation, Thomson Reuters empowers the world’s leading banks and investment managers to make informed KYC and onboarding decisions at the same time as creating a more sustainable and compliant regulatory environment for them and their clients.
Our combined award winning assets of 350,000 built KYC records, 1.25m actively managed legal entity profiles and database of 7m legal entities, as well as unique automated monitoring capability and global KYC policy ensure Thomson Reuters firmly sets the standard in KYC compliance solutions.
Reduce onboarding time and cost
Managing onboarding and Customer Due Diligence (CDD) processes have become increasingly time consuming and complicated for both financial institutions and their clients, with cost implications based on increased staffing requirements, technology infrastructure and opportunity cost of delayed transactions.
In bringing together a number of our best-in-class risk solutions to form an end-to-end managed service, we enable our customers to reduce the complexity and operational burden associated with onboarding and remediation processes, accelerate financial institutions and their counterparties’ ability to do business and minimize client touch points to improve their onboarding experience.
Enhance regulatory compliance
Benefit from a KYC service that:
- Provides a comprehensive risk-based KYC policy that has been stress tested with regulators and over 100 financial institutions globally,
- Has proven operations that deliver the highest quality information
- Identifies ultimate beneficial owners (UBO)
- Screens entities and identifies risk flags
- Sources legal entity information from authoritative sources in over 200 countries and 60 languages
- Is the only service to provide integrated ongoing screening and monitoring to detect changes in your customers’ KYC profiles.
Integrated into KYC as a Service entity profile reports is Thomson Reuters Permanent Identifier (Perm ID), enabling financial institutions to further uncover the complex, plethora of dynamic relationships between individuals, entities, and their holdings. Perm ID is akin to a barcode for information and it facilitates greater transparency for firms to gain customer insights and mitigate their risk exposure.
With Thomson Reuters you can get the trusted answers you need to achieve operational efficiency, increase compliance, drive down costs and promote a culture of meeting ever-changing regulatory compliance demands.
Improve client experience
In a recent global KYC survey conducted by Thomson Reuters 37% of corporates stated they feel the lack of a common standard in the KYC documentation required by each bank is their biggest challenge. Improve your customer’s experience by eliminating the duplicate work and control the escalating costs associated with responding to ever-increasing numbers of KYC due diligence requests.
KYC as Service offers document exchange functionality streamlines and simplifies the management and distribution of client due diligence documentation from a single, secure interface at no cost to the client. It’s a simple to use management platform for market participants to proactively manage their documentation to meet a broad scope of regulatory demands and control who sees their information.
The absence of harmonization in guidance and expectations has led to multiple approaches and interpretations of KYC laws across the financial services industry. While a genuine desire for standardization exists, in reality variances in implementation between countries and, frequently, within a single country are significant – leading to a plethora of ongoing challenges.
Against a backdrop of escalating costs, complex manual processes and increased regulatory scrutiny, financial institutions are required to critically evaluate their operating procedures and look to innovative technologies to retain profitability and ensure compliance with global regulations.
We help you differentiate customer service and facilitate Know Your Customer (KYC) compliance with local, national, and global regulations. Our Client On-boarding combines management technologies needed for proper on-boarding, including data, document, rule, hierarchy, and workflow.
Essential enhanced due diligence reporting that gives you detailed integrity and advanced background checks on any entity or individual. Thomson Reuters Enhanced Due Diligence reporting provides a critical framework during the anti-money laundering and know your customer on-boarding life cycle.