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.

 

Know Your Customer Do You Really Know Your Customer?

A complete, end-to-end KYC solution is essential

Today you may have a patchwork of internal resources and external vendors to handle your Know Your Customer needs, leaving potential gaps in coverage where bad players can hide and putting your revenue and reputation at risk. Imagine the value of efficiency, time and cost savings and greater control using one single KYC solution provider.

At Thomson Reuters, we understand the need for organizations to have a complete, end-to-end KYC solution and we have invested and continue to invest infinite resources to help our customers better understand who they are doing business with.

The Clarient and Avox acquisitions represent another step forward by Thomson Reuters to create a KYC industry standard, making it easier for organizations to conduct global business. The combined offering delivers the industry’s leading KYC solution that:

  • reduces on boarding time and cost
  • increases compliance
  • improves your client experience

Ensure complete KYC compliance at every point

Screening customers by performing due diligence is labour intensive, time-consuming, and diverts needed resources and attention from core revenue business activities.  

From knowing the relevant rules at play to vetting clients without alienating them; to monitoring for the duration of the relationship, Thomson Reuters offers you the tools to ensure total compliance at every point. We continuously maintain, update, and validate KYC information so you can be confident that you know who you’re doing business with.

Thomson Reuters brings together a variety of trusted resources  that leverage the depth and breadth of our expertise to offer you a holistic KYC solution that effectively addresses the myriad challenges associated with KYC. Having a single KYC resource:

  • eliminates duplication
  • facilitates communication
  • reduces operational costs and improves efficiency

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 risk hiding in business relationships. 

Thomson Reuters helps you tackle 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 resources.
Slowing the pace of business
Whether you're a trading firm, corporation, hedge fund, or asset manager, the necessary 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 in place
As regulators move from a tick-box approach 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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