Know your customer (KYC), AML, CFT, Client Due Diligence
Know Your Customer (KYC)
We understand that to Know Your Customer (KYC) is serious business, because compliance is not simply an option or a nice-to-have.
The importance of KYC
The mandate to know who you are doing business with – to ensure those parties are operating in a lawful, compliant manner – is more urgent, more tightly regulated, and more complex than ever before. But both banks and financial institutions want to spend more time running their businesses and less time on KYC. At Thomson Reuters, we understand this.
By adopting a risk-based approach to KYC – rather than simply ticking boxes in an attempt to satisfy the regulator – our clients are empowered to identify real risks hiding in business relationships.
We bring together a wide variety of trusted assets that leverage the depth and breadth of our expertise to offer you a holistic solution that effectively addresses the myriad challenges associated with KYC.
Our solution suite caters specifically for the needs of:
- Retail clients
- Institutional clients
- Wealth management clients
- Corporate clients.
Tackling the issues
This white paper explores the complexity surrounding RBA (Risk Based Approach), taking a look at how the Financial Action Taskforce (FATF) is addressing this and outlines the key risks that need to be addressed.
The Financial Conduct Authority’s (FCA) widely publicized revelation that it has yet to see the full Panama Papers data has exacerbated growing legal concerns whether banks’ compliance with the Fourth Money Laundering Directive (4MLD) is sufficient.
Address the challenges inherent with the process of client onboarding whilst staying compliant with regulatory demands with our tried and tested, purpose-built application.
Thomson Reuters Org ID simplifies and streamlines counterparty due diligence and the ongoing maintenance of Know Your Customer (KYC) compliance records.