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| Thomson Reuters Transaction Services Limited, a FCA-regulated business, and its 7,000 bank and buy-side clients are live on the service |
NEW YORK & LONDON, Mar 19, 2014 - (ACN Newswire) - Thomson Reuters today launched a new 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 leading financial institutions, corporations, asset managers and hedge funds and following discussions with nine regulators from key financial markets around the world. Providing a complete 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 ongoing regulatory requirements around the world.
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," said 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 leading 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.
"As a globally regulated trading business, it is vital that we have absolute faith that we are meeting our KYC regulatory requirements using a secure service," said Phil Weisberg, global head, Foreign Exchange, Thomson Reuters. "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. We are really pleased that Thomson Reuters is taking its proven expertise in KYC and leading the way through this partnership with the industry."
Accelus Org ID supports financial institutions in efficiently identifying and completing the required on-going maintenance of client identity data, including periodic and event driven reviews. The service is centrally updated as new regulations come into effect and covers rules and regulations surrounding the AML, FATCA, Dodd-Frank, EMIR and MIFID, supporting KYC compliance in the US, Europe, Asia and the emerging markets. The solution is fully secure and easily integrates with financial institutions' existing internal systems. Utilizing Thomson Reuters extensive proprietary risk and compliance assets which already support leading financial institutions and corporations around the world, the service is available globally in 63 languages.
"Regulators see the health of a firm's KYC standards and how these are consistently applied across their business as the first step in winning the fight against money laundering and the financing of crime and terrorism," said David Craig, president, Financial & Risk, Thomson Reuters. "Failures in this area bring both serious financial and reputational cost to firms. 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."
For more information about Thomson Reuters Accelus Org ID, go to http://accelus.thomsonreuters.com/products/accelus-org-id
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com/.
CONTACTS
Lemuel Brewster
Office +1 646-223-5147
Mobile +1 917-805-1089
Lemuel.brewster@thomsonreuters.com
Alan Duerden
Office +44 207-542-0561
Mobile +44 782-528-2483
alan.duerden@thomsonreuters.com
Lauren Herman
Office +1 646-223-5985
Mobile +1 347-703-5913
lauren.herman@thomsonreuters.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via Globenewswire
Topic: New Service
Source: Thomson Reuters
https://www.acnnewswire.com
From the Asia Corporate News Network
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