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Thomson Reuters today confirmed that three additional European financial institutions serving the buy-side investment sector have adopted its Org ID Know Your Customer (KYC) platform for due diligence. Legal & General Investment Management, Candriam Investors Group and Fund Channel are the latest clients to go live globally with the Thomson Reuters Org ID managed service, which — in accordance with KYC and anti-money laundering (AML) standards – collects public and private documentation, verifies, screens, determines ultimate beneficial owners and monitors a legal entity for change.

Drawing upon Thomson Reuters extensive international regulatory intelligence and news gathering capabilities, the Org ID KYC managed service also keeps clients up to speed on rapidly evolving changes, helping to tailor their internal compliance and data collection procedures to ensure a smooth, cost-effective customer on-boarding process in any market. The Thomson Reuters managed service is also used for enhancing and refreshing existing customer portfolios to meet a global standard.

Dominic Mac, Head of KYC Industry Solutions, Thomson Reuters, said: “It is most gratifying that these three world-class asset management institutions have selected our KYC managed service to address and fulfill their enhanced due diligence and related compliance needs. We are experiencing increased levels of participation from the buy-side in our solution in Europe and worldwide, notably since the recent acquisitions and integration of Clarient and Avox.” 

Pierre-Guillaume Veaux, Global Head of Legal and Compliance at Candriam Investors Group, said: “Thomson Reuters Org ID undertakes sustained due diligence on our behalf, and identifies risk flags in accordance with AML/KYC standards. This means we now can better dedicate our resources to understanding our clients and their associated risks of doing business globally.”

Richard Lepere, Managing Director at Fund Channel, said: “We estimate that approximately 90 percent of our time had been spent on collecting documents and 10 percent on actually analyzing them. With the Thomson Reuters KYC managed service, we look to reverse this ratio of deployed activities by our team, while significantly reducing the overall time allocated to these critical responsibilities on our B2B distribution platform.”

Jason Cule, Head of Financial Crime with Legal & General Investment Management Group, said: “Thomson Reuters global AML/KYC policy provides key support in jurisdictions where we conduct our client business. We expect to continue driving operating efficiencies, reducing costs and enhancing our risk management procedures by using the tools optimally provided by the Org ID managed service.”

Since its 2014 launch, Thomson Reuters Org ID KYC solution now serves over 50 major financial institutions and asset management firms; manages over 350,000 KYC records and publishes more than 1.25 million continuously refreshed legal entity profiles in over 140 countries with translated extracts from over 60 languages, helping customers accelerate their client on-boarding, comply with regulation, reduce costs and improve their client experience.

Thomson Reuters Org ID has earned significant recognition from the financial services industry, winning a 2017 OpRisk Award for “Best Outsourcing Service,” and an OpRisk Award for “Best Managed/ Support Service Provider of the Year” in 2015. Org ID also was selected for a 2017 FStech Award as “Risk Management Software of the Year.” At the FTF News 2017 Technology Innovation Awards, Org ID was nominated for “Best Client Services Solution” by peers who previously chose Org ID to receive two FTF Excellence Awards – in the categories of ‘Best Operational Risk Management Solution’ and ‘Best AML/ Anti-Fraud Solution.’ Org ID also received in 2015 and 2014 the Data Management Review Award for “Best KYC & Client On-Boarding Solution” – as awarded by A-Team Group, senior managers at a variety of financial institutions and the publication’s readership.

For more about our KYC offerings, please visit: https://risk.thomsonreuters.com/en/risk-solutions/kyc-know-your-customer.html.

Thomson Reuters

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, visit www.thomsonreuters.com.

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