Thomson Reuters Launches Managed KYC Service

Thomson Reuters has launched a solution to support financial institutions and their clients to increase efficiency and reduce costs in complying with Know Your Customer (KYC) requirements.
By Janet Du Chenne(59204)
Thomson Reuters has launched a solution to support financial institutions and their clients to increase efficiency and reduce costs in complying with Know Your Customer (KYC) requirements.

Accelus Org ID was developed in partnership with financial institutions, corporations, asset managers and hedge funds and following discussions with nine regulators from key financial markets around the world. Providing a managed service covering the on-boarding of clients, risk categorization and risk screening, Accelus Org ID allows financial institutions to more effectively respond to new and on going regulatory requirements around the world, says Thomson Reuters.

Accelus Org ID acts as a neutral ‘central clearing house’ by creating accurate identity documentation, which works as a globally-recognized KYC ‘passport’, and provides the ability to screen for high money laundering risk characteristics, negative news flow or sanctions issues. The clients of financial institutions submit a single set of identity documents to Accelus Org ID and can make them available to all of their authorized financial institutions.

According to risk technology research firm Chartis, the impact of KYC due diligence requirements is being widely felt across the financial industry. “Recent regulations have made the requirements around client information more time-consuming and onerous, with increased burden specifically placed on fund managers, hedge funds and corporate clients for identity documentation,” says Peyman Mestchian, managing partner at Chartis. “There is a lot of talk in the industry around the need for managed KYC services and given the onus being placed on the end client, their participation in any service is critical.”

Accelus Org ID has been introduced with the participation of a working group of financial services professionals that have been assisting in defining and validating the requirements for the management and on-going distribution of identity data and documents collected as part of the Thomson Reuters service.

Tradeweb Markets, an affiliate of Thomson Reuters and a global provider of electronic fixed income and derivatives marketplaces, has engaged with Thomson Reuters regarding the KYC service and Thomson Reuters Transaction Services Ltd, an FCA-regulated global provider of electronic FX brokerage services, participated in a beta trial of the service and is now live on Accelus Org ID.

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