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  3. electronic Bank Account Management partners with key players to provide comprehensive integrated kyc service

The next stage in building a fully integrated KYC ecosystem has started with three major players - Dow Jones, Exiger, and Regulatory DataCorp - partnering with to provide a comprehensive integrated service for banks, investment firms and corporates through to small and medium enterprises.  This strategic partnership will deliver an end-to-end know your customer on boarding covering sanctions screening, negative news searches and client risk assessment, as shown in figure below:

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The role of each party in the new integrated kyc process is:

  1. contributors log into and upload documents per the service’s questionnaire or completes KYC task requirements
  2. Dow Jones: use of its rich data sources with over two million global sanctions records of Politically Exposed Persons (PEPs), state owned companies, relatives and close associates, special interest persons and adverse media and watchlists
  3. Regulatory DataCorp (RDC): RDC will provide additional technology to screen identify Political Exposed Persons, Sanctions and negative news. Information is then reviewed and false positives are removed. 
  4. Exiger:  provides the technology required to risk rate entity profiles. It performs rating calculations based on a subscriber’s risk appetite. 
  5. perform Q&A to review and approve all elements of a profile and ensure that the profile is completed before it is published on the service 
  6. profiles are published and permissioned out to subscribers.

Currently, 10 out of the 14 largest banks are members of and have signed up to and agreed to use’s standards and processes worldwide. The service also has over 2,400 buyside firms and corporates users. 

The future of kyc

“This new partnership is part of KYC’s long-term strategy to develop an ecosystem to support centralization, standardization and digitization.” commented Jon May. Importantly, is finding that the regulatory bodies are starting to adopt the same approach. 

CTMfile take: This new strategic partnership is an important development in the evolution of customer on-boarding and management in banks and FIs. It is also important example of how the regulatory authorities are also considering defining processes as well as the standard formats used.

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