Reducing the cost of compliance: A bold move towards Know Your Customer (KYC) managed services
Improving the cost and efficiency of Know Your Customer (KYC) processes has been at the forefront of financial institutions’ strategies in recent years. This focus is largely being driven by:
- Boards who are placing unprecedented pressure on the KYC function to reduce operating expenses
- Regulators who are expecting enhanced compliance measures and standards from financial institutions
- Clients who are expecting an improved and streamlined banking experience
Firms are therefore having to evolve their KYC function and operating models in what is ultimately a revenue compressed environment.
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.
Identify gaps in your legal entity identifier with Thomson Reuters LEI Profiling Service. Under MiFID II, No LEI means No Trade.
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.