Market data and news giant Thomson Reuters has launched an “end-to-end user interface” to support a know your customer (KYC) on-boarding and remediation managed service offered via the identity clearinghouse Accelus Org ID, which launched in March, officials say.
Accelus Org ID can be used to create an accurate identity record that works as a “KYC passport” to be used by firms to screen for “money laundering risk characteristics, negative news flow and/or sanctions issues,” according to Thomson Reuters. The service is free to clients of asset managers, hedge funds and correspondent banks; they can submit “a single set of identity documents to Accelus Org ID and can authorize their financial institutions to access this information.”
The KYC managed service, also supports identity collection, and verification, officials say.
Thomson Reuters launched Accelus Org ID with the help of a working group of market participants that helped define the requirements for the management and on-going distribution of identity data and documents.
Thomson Reuters Transaction Services, a provider of electronic FX brokerage services, participated in a beta trial of the Accelus Org ID user interface and will be using it to complete KYC requirements, officials say. Tradeweb Markets, which operates fixed income and derivatives marketplaces, has also been working with Thomson Reuters on the KYC service; Tradeweb is part of Thomson Reuters.
Accelus Org ID accommodates the rules and regulations of AML, FATCA, Dodd-Frank, EMIR and MiFID, and supports KYC compliance in the US, Europe, Asia and the emerging markets, officials say.
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