Cicada is introducing a new solution for client data management for “Know Your Customer” (KYC) and other anti-money laundering frameworks.
The new solution comprises a combination of Cicada’s client data management software and the services of the company’s global team of data cleansing and maintenance experts. Purpose-built for KYC data management requirements, the new solution provides a configurable, rules-based workflow schema that helps organizations manage their client data review process. The solution also provides audit trail and source attribution facilities.
In addition to managing an organization’s own client data, the solution handles external vendor feeds and is fully integrated with the new source of legal entity data, CounterpartyLink. The new KYC solution, part of Cicada’s Client Data Management Solutions suite, is available in a variety of implementation options, including full outsourcing, software licensing and hybrids.
“Virtually every institution we are talking to understands the new level of importance of this data set for a range of applications, and each is in an evaluation or implementation phase in trying to solve this huge data management challenge,” said Hubert Holmes, Cicada executive vice president. “Whether at this point they are seeking simply a better data source, data management outsourcing, integration services or a complete “know your customer” data infrastructure, we are ready and equipped to meet their requirements.”