Know Your Customer (KYC)


Know Your Customer (KYC)

No one can help you Know Your Customer like Thomson Reuters. We understand that KYC is serious business, because compliance is not simply an option or a nice-to-have.

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

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

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

The Clarient and Avox acquisitions represent another step forward by Thomson Reuters to standardize the way that its clients approach Know Your Customer compliance, 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
Know Your Customer Pain Points for Financial Institutions: A Global Perspective (3:25)

KYC compliance at every point

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 enhance compliance at every point. We continuously maintain, update, and validate Know Your Customer 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 compliance solution that effectively addresses the myriad of challenges. Having a single Know Your Customer 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. 

No one can help you Know Your Customer like Thomson Reuters

KYC affects banks and end clients alike
Compliance is never optional – it is simply a requirement, and the cost of getting it wrong can have large adverse effects.
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 anti-money laundering (AML) legislation and develop their own process to comply with Know Your Customer 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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