Thomson Reuters has unveiled a new service in partnership with banks, corporates and asset managers and in consultation with nine regulators to allow financial institutions to respond to new and ongoing regulatory requirements globally.
The service called Accelus Org ID will support financial institutions and their clients to increase efficiency and reduce costs in complying with Know Your Customer (KYC) requirements.
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Thomson Reuters said that Accelus Org ID will serve as a neutral ‘central clearing house’ by creating accurate identity documentation, which serves as a KYC passport and monitors for high money laundering risk characteristics, negative news flow or sanctions issues.
The new service will also support financial institutions in identifying and completing the required on-going maintenance of client identity data, including periodic and event driven reviews.
Accelus Org ID has been launched to define and validate the requirements for the management and on-going distribution of identity data and documents gathered as part of the Thomson Reuters service.
Thomson Reuters Transaction Services, a FCA-regulated business, and its 7,000 bank and buy-side clients are now live on the new service.
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By GlobalDataAdditionally, Tradeweb Markets, an affiliate of Thomson Reuters, has joined forces with Thomson Reuters regarding the KYC service.
The service will include rules and regulations surrounding the AML, FATCA, Dodd-Frank, EMIR and MIFID, supporting KYC compliance in the US, Europe, Asia and the emerging markets.
Phil Weisberg, global head, foreign exchange, Thomson Reuters, said: "Accelus Org ID is supporting us with all aspects of KYC needed for our 7,000 member entities and this will ease the path for our clients to trade and invest with confidence."
David Craig, president, Financial & Risk, Thomson Reuters, said: "Thomson Reuters is working with the industry to improve operational efficiency, enhance the end-client experience and reduce costs for clients and the financial institutions which serve them."
