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Genpact, a specialist in business processes, operations and technology, and Markit, a provider of financial information services, have jointly launched Markit І Genpact KYC Services.
The service will collect and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with know-your-customer and anti-money-laundering regulations, according to a statement from Markit and Genpact
The service also standardizes KYC data for financial institutions in order to streamline client onboarding. It was designed in partnership with Citi, Deutsche Bank, HSBC and Morgan Stanley, Markit and Genpact report. The banks helped create the common standard and global framework for KYC data and document management provided by the service.
Third-party experts are advising Markit І Genpact KYC Services on global regulatory standards, cost benchmarking and information security. The online portal, KYC.com, is open for institutions to register for the service. “There is no fee to use the portal to submit and share KYC information with banks participating in the service,” according to officials from both vendors.
KYC.com is now available for U.S. and UK institutions, including asset managers, corporations and hedge funds, according to the statement, which notes that the service is “expected to expand to multiple jurisdictions worldwide in the near future.”
Need a Reprint?- Read More:
- Genpact,
- KYC,
- Markit,
- anti-money laundering
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