KYC policy variations: Can we achieve industry standardization?
At present there is a lack of harmonized guidance on expectations for implementation of know your customer (KYC) anti-money laundering (AML) laws and regulations (collectively, KYC laws). Issues addressed by the KYC laws in countries around the world are generally consistent, but local expectations for implementation vary significantly. 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.
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.
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.