Know your customer (KYC), AML, CFT, Client Due Diligence

Know Your Customer (KYC)

No one can help you Know Your Customer like Thomson Reuters

We understand that to Know Your Customer (KYC) is serious business, because compliance is not simply an option or a nice-to-have.

 

The recent Clarient and Avox acquisitions represent another step forward by Thomson Reuters to create a Know Your Customer (KYC) industry standard, making it easier for organizations to conduct global business. The combined Know Your Customer (KYC) offering will seamlessly embed Clarient and Avox capabilities in the Thomson Reuters Risk Managed Service environment, delivering the industry’s leading KYC solution.

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

KYC affects banks and end clients alike
Compliance is never optional – it is simply a requirement, and the cost of getting it wrong is well-documented.
Time, cost and effort
Determining who you can and should do business with has significant implications for both banks and end-clients in terms of cost, time, and effort.
Slowing the pace of business
Whether you're a trading firm, corporation, hedge fund, or asset manager, the due diligence process required for KYC compliance with a new financial institution can now take over 6 months – just to open a new account.
No consistent standard
As regulators move from a tick-box to a risk-based approach to compliance, banks are left to interpret AML legislation and develop their own process to comply with KYC regulation.
Data security
The security of end-clients' strictly confidential information cannot be guaranteed. Information is often disseminated via post or email and can be easily lost or intercepted.

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