Thomson Reuters delivered a critical milestone in its end-to-end KYC Managed Service for the industry, with the launch of its secure, web-based portal for Accelus Org ID.
The new online portal facilitates client on-boarding, identity collection, and verification, in a secure environment which allows financial institutions and their clients to increase efficiency, as well as reduce operating and remediation costs associated with complying with increasingly rigorous Know Your Customer (KYC) requirements.
Following the launch in March 2014, the portal is now active with an intuitive user interface that allows clients of Accelus Org ID to easily complete the KYC process, accelerate on-boarding, and share identity documents effectively.
The portal is delivered free of charge to clients of financial institutions, including asset managers, hedge funds, corporations, and correspondent banks, who can sign up to access the portal at Accelus Org ID.
"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.
"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."
Accelus Org ID acts as a neutral ‘central clearing house’ by building an accurate identity record, which works as a globally-recognized KYC ‘passport’, and provides the ability to screen for money laundering risk characteristics, negative news flow and/or sanctions issues. All record processing on the Accelus Org ID portal is in accordance with a global standard policy. The clients of financial institutions submit a single set of identity documents to Accelus Org ID and can authorize their financial institutions to access this information.
"We are delighted to have reached this critical point in pioneering KYC managed services, working with end-clients and financial institutions alike to develop a complete end-to-end user interface to facilitate the KYC on-boarding and remediation process," said Anna Mazzone, head of KYC at Thomson Reuters.
"Our live Accelus Org ID portal is a testament to our commitment to support the industry and help our clients, financial institutions and trading partners to systematically and effectively meet KYC requirements."
Earlier this year, Thomson Reuters launched Accelus Org ID 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.
Thomson Reuters Transaction Services Ltd., an FCA-regulated global provider of electronic FX brokerage services, went live in March, participated in a beta trial of the portal and will be leveraging the user interface to complete KYC requirements.
Tradeweb Markets, an affiliate of Thomson Reuters and a leading global provider of electronic fixed income and derivatives marketplaces, has also engaged with Thomson Reuters regarding the KYC service Accelus Org ID is fully secure and easily integrates with financial institutions’ existing internal systems.
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.