MSP Today Expert Feature
August 05, 2014

Thomson Reuters Launches Portal to Deliver its KYC Managed Service to Financial Services Clients

MSP Thomson Reuters (News - Alert) has taken its KYC Managed Service to the next level, launching a new secure web-based portal called Accelus Org ID. The portal is geared toward financial institutions and offers client on-boarding along with identity collection and verification, all of which are crucial to the industry given the massive amount of regulatory mandates required.

The KYC stands for Know Your Customer requirements, a critical compliance mandate for the financial industry. The Accelus Org ID managed service helps bring financial institutions and their clients, which include asset managers, corporations, hedge funds and correspondent banks, together in a single managed environment.

Clients are given a real-time “KYC passport” to meet the requirements of supplying corporate identity documentation in an effort to meet strict anti-money laundering regulations. The passport simplifies the entire process for financial organizations and clients alike. And best of all, it is free for clients of financial institutions working with Thomson Reuters.

"With increased attention being placed on complying with complex KYC requirements, so too is the compelling need to identify and work with trusted industry partners to ensure the collection and maintenance of accurate KYC information," said Damian Glendinning, treasurer at Lenovo (News - Alert), a Thomson Reuters customer. "Having a centralized solution in the Thomson Reuters web-based portal of Accelus Org ID KYC Managed Service, will certainly help to increase efficiency and reduce costs related to repeatedly providing KYC information to multiple firms."

The service builds an accurate identity client for financial institutions, which becomes a globally recognized KYC passport that can screen for money laundering risks as well as negative news flow and sanctions issues. Accelus Org ID is operated in accordance with strict standards policies from throughout the globe, providing peace of mind for financial companies and a simplified interactive experience for their clients.

The service may be easily integrated with existing internal systems and is also centrally updated as new regulations become mandatory. The solution handles rules and regulations related to AML, FATCA, Dodd-Frank, EMIR and MiFID in support of KYC compliance for the U.S., European and Asian markets.

Edited by Maurice Nagle