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Regulators and governments worldwide have started a grand experiment to organize a bar code-like identifier for financial market participants. But once-innovative financial utilities may prevent this endeavor from succeeding.
March 15
Thomson Reuters has launched a new client identity management solution for financial institutions that is designed to help them meet Know Your Customer regulatory requirements worldwide.
Accelus Org ID was developed in partnership with banks, corporations, asset managers and hedge funds based on feedback from discussions with nine regulators from financial markets around the world, according to a company release. The goal is to provide complete on-boarding client risk assessment and management, allowing these companies to increase regulatory compliance efficiency at the global level.
"Recent regulations have made the requirements around client information more time-consuming and onerous, with increased burden specifically placed on fund managers, hedge funds and corporate clients," or the end client who must provide identity documentation, said Peyman Mestchian, managing partner at Chartis, a risk technology research firm, in a press release.
Accelus Org ID is designed to operate as a neutral "central clearing house" for identity documentation processed through a globally-recognized KYC "passport" that helps flag clients subject to money laundering risk, negative news or sanctions issues, Thomson said. Users can submit a single set of identity documents to Accelus Org ID, enabling financial institutions to better manage on-going distribution of identity data and the documents. Features include client identity data maintenance, such as periodic and event driven reviews; centralized updates as new regulations come into effect supporting KYC compliance in the U.S., Europe, Asia and the emerging markets; and global availability in 63 languages.
Thomson Reuters' affiliate Tradeweb Markets, a provider of electronic fixed income and derivatives marketplaces, and Thomson Reuters Transaction Services, an FCA-regulated global provider of electronic FX brokerage services, also are available live on Accelus Org ID.
"Accelus Org ID is supporting us with all aspects of KYC needed for our 7,000 member entities," said Phil Weisberg, global head, foreign exchange, Thomson Reuters.
