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Thomson Reuters successfully completes ISAE 3000 audit type 1 for its KYC service

In March 2014, Thomson Reuters launched Org ID, an end-to-end client identity service that collects, verifies, screens, determines ultimate beneficial owners, and monitors a legal entity for change. The managed service is used for client on-boarding, conducting remediations and refreshing existing portfolios to a global standard. The service enables the end-client to provide identity information through a secure web-based portal and authorize the distribution to their financial institutions. Thomson Reuters Org ID provides a real-time “KYC passport” which represents a validated and screened entity, thereby simplifying the account opening process needed to conduct business globally.

ISAE 3000 review

Thomson Reuters today announced that its Org ID end-to-end client identity managed service has been audited by PricewaterhouseCoopers (PwC) against the International Standard on Assurance Engagements (ISAE) 3000 assurance standard. 

This international standard provides customers with an independent review in relation to the design of a services provider’s internal processes, controls, and compliance policy. Developed by the International Auditing and Assurance Standards Board, ISAE 3000 is one of the most widely recognized standards used by accounting firms to independently assess a company’s report as to its control environment.

The controls report covered key aspects of Org ID’s Know Your Customer (KYC) service offerings – including controls relating to activities undertaken by the Thomson Reuters KYC Operations team, comprising creation of new records, refresh of existing records (following changes or at periodic intervals) and regular monitoring and screening of records. This includes the interactions with financial institutions and end clients. 

An important step

Credibility is all important in KYC services, so not surprisingly, Anna Mazzone, head of KYC Managed Services at Thomson Reuters, said, “We are very proud to be the first and only global KYC managed services provider to have successfully completed an ISAE 3000 audit,” And continued, “Having ISAE 3000 assurance over our controls – conducted by a leading provider of assurance and audit services – demonstrates the commitment from the Org ID service to identify and adopt best practices within its internal control framework. Completing the audit highlights our commitment to quality, the robustness of our controls and infrastructure, and our clients when it comes to helping them meet global KYC client due diligence requirements.”


CTMfile take: The KYC services market is hotting up. All other KYC services are going to have to match this as soon as they can. The ISAE 3000 approval will be critical to corporates and banks considering moving to external KYC processors.

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