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Markit | Genpact KYC Services, a joint venture between Markit and Genpact Ltd., has announced that six G14 derivatives dealers are implementing the centralized service aimed at streamlining the collection and management of know your customer (KYC) information, officials say.
The G14 dealers that will be implementing the service are BNP Paribas, Citi, Deutsche Bank, HSBC, Morgan Stanley and UBS. Roughly 1,000 buy-side firms representing more than 20,000 distinct funds and entities, have also signed on to the service thus far, officials add.
Markit | Genpact KYC Services allows clients to upload KYC information to KYC.com and manage the document maintenance and review process. Through the platform bank subscribers can also access other services related to client onboarding, including process transformation, analytics, client classification and tracking services.
“The quality of the client profiles we will receive from Markit | Genpact will meet our high standard for onboarding and help us satisfy regulatory requirements involving know your customer data,” says David Burnett, chief operating officer, global banking and markets at HSBC, in a prepared statement. “The service will enable us to be more efficient, go to market with clients faster and benefit from greater confidence in the information we use for compliance.”
Need a Reprint?- Read More:
- CFTC,
- Dodd-Frank,
- Genpact,
- KYC,
- Markit,
- SEC,
- derivatives
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