Know Your Customer (KYC) Innovation: The Rise of Jurisdictional Managed Services
The importance of innovation in the KYC space cannot be over-emphasized. Inefficient processes continue to significantly impact the global annual KYC spend of banks and other financial institutions (FIs). Furthermore, lengthy delays in gathering required KYC information negatively impact the end-client experience, as well as FIs’ ability to timely execute clients’ requests for financial services.
Thomson Reuters KYC as a Service simplifies and streamlines counterparty due diligence and the ongoing maintenance of Know Your Customer (KYC) compliance records.
Identify gaps in your legal entity identifier with Thomson Reuters LEI Profiling Service. Under MiFID II, No LEI means No Trade.
Enhanced due diligence processes form part of a best-practice, risk-based approach as well as providing a critical framework during the anti-money laundering and know your customer on-boarding life cycle.