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For centralised corporate KYC: only Thomson Reuters Org ID Managed Service suits

Thomson Reuters announced earlier this month that its Org ID KYC (Know Your Customer) managed service solution this month broke the 10,000 record barrier of complete KYC entity profile reports which have been fully validated and screened in accordance with a global policy.

Org ID

Org ID is a global solution developed for banks, investment managers and corporations to simplify and streamline customer and counterparty due diligence and the ongoing maintenance of KYC in line with ever-changing regulatory requirements. From compliance operations centres in the UK, Poland and Malaysia, Org ID has published KYC profiles on entities incorporated in over 140 countries with English translation extracts from over 50 languages. Org ID maintains a standardised policy written to ensure compliance with local legislation and regulation in major capital markets centres including: France, Germany, Switzerland, Hong Kong, Singapore, Japan, Australia, South Africa and Canada in addition to the UK and USA, to accommodate the KYC requirements of financial institutions globally. 

New business model and development

“The industry debate has moved on,” said Steve Pulley, global managing director of KYC and Client On-boarding Solutions at Thomson Reuters. “Clients have realised that document centralisation and off-the-shelf data solves no more than 20 percent of the KYC operational burden. While we carry identity data on over three million corporations and 150,000 funds via our leading Datascope and Lipper solutions and supply over 15,000 customers worldwide (including all G20 dealers) with financial crime, risk, compliance and/or client on-boarding solutions, customers are focused on our proven ability to deliver and maintain complete, validated, fully screened profiles with a truly integrated solution so they know their customer at all times, not just at onboarding and refresh. Our ability to screen and monitor against negative and adverse media, sanctions and PEPs on an ongoing basis is a Thomson Reuters core competency.”  

“Our productivity levels have increased exponentially over the past six months, thanks to investment in the latest technology twinned with an AML/KYC literate workforce and a policy that has been tailored in each of the major capital markets centres,” said Steve Pulley. “Proof points have emerged demonstrating we have built an efficient and scalable model. For example, in a number of cases we have more than half a dozen financial institutions consuming a single entity profile.”

Thomson Reuters Org ID also recently announced that it has successfully completed the second phase of an ISAE 3000 accreditation exercise for the design and operational effectiveness of its internal control framework. This ISAE 3000 Type II report was issued by PriceWaterhouseCoopers (PwC). The ISAE 3000 assurance standard, developed by the International Auditing and Assurance Standards Board, is one of the most widely recognized standards in the industry. Org ID is the only KYC services provider to receive ISAE 3000 accreditation.

Client approvals and new clients

In the 12 October press release Thomson Reuters listed approvals from two big players:

  • Robert Goldstein, Chief Operating Officer of BlackRock, a leader in investment management, risk management and advisory services for institutional and retail clients worldwide, comments:  “We selected Thomson Reuters Org ID earlier this year to enhance our robust counterparty due diligence process for our global universe of trading counterparties, leveraging Thomson Reuters screening and ongoing monitoring capabilities. They delivered the entire population of records in a high-quality and timely manner and have been extremely responsive to our needs. We continue to derive real value from our use of Thomson Reuters Org ID service.” 
  • "In Thomson Reuters Org ID, we have found a partner that is delivering on our shared industry vision of KYC information that is always current and accurate,” said Patrick Kidney, global head of Financial Crime at Man Group, one of the world’s largest alternative investment managers. “Their ability to onboard and monitor client records for change on an ongoing basis, at scale and across a diversified array of sources, is an important enabler for us to continue to deliver on our evolving compliance needs."

Thomson Reuters Org ID overall went live with a further six financial institutions during the past two quarters comprising Man Group, BlackRock, Stifel Nicolaus, Tradeweb, BGC Partners and a leading European investment bank.

CTMfile take: The Org ID service from Thomson Reuters is the only fully operational KYC service that has the global coverage, the depth of analysis in all the financial markets, and the infrastructure to offer a viable alternative to large multin-national corporate’s own internal efforts. Today, it really is the only show in town as competitors struggle to match Thomson Reuters offering.

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