Thomson Reuters Corp (TRI.TO) on Thursday reported that it has onboarded three European financial institutions serving the buy-side investment sector to its Org ID Know Your Customer (KYC) platform. The agreement covers the due diligence activities of on-boarding of clients, risk categorization and risk screening.
Legal & General Investment Management, Candriam Investors Group and Fund Channel have spotted an opportunity to adopt Thomson Reuters’ managed service that would free them from the risky, resource-intensive task of complying with KYC regulation, a key component of the AML regime.
Org ID service is intended to undertake all necessary due diligence checks on these institutions’ customers, gathering and verifying critical information, and maintaining and updating data in line with regulatory changes.
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Thomson Reuters launched its Org ID KYC solution in 2014 to help financial firms meet their regulatory KYC requirements, whilst increasing efficiency and reducing costs. Following discussions with several watchdogs across major global markets, the solution was developed in partnership with key market participants including leading financial institutions, asset managers and hedge funds.
Dominic Mac, Head of KYC Industry Solutions at Thomson Reuters, commented: “It is most gratifying that these three world-class asset management institutions have selected our KYC managed service to address and fulfill their enhanced due diligence and related compliance needs. We are experiencing increased levels of participation from the buy-side in our solution in Europe and worldwide, notably since the recent acquisitions and integration of Clarient and Avox.”
Richard Lepere, Managing Director at Fund Channel, added: “We estimate that approximately 90 percent of our time had been spent on collecting documents and 10 percent on actually analyzing them. With the Thomson Reuters KYC managed service, we look to reverse this ratio of deployed activities by our team, while significantly reducing the overall time allocated to these critical responsibilities on our B2B distribution platform.”