Kyc.com, the joint venture between Markit and Genpact is rolling out its service to Hong Kong and Singapore.
Kyc.com is a centralised service enabling investment managers, corporates and banks to streamline the KYC process by collecting the required documentation and data once, to create a reusable profile. With over 169,000 entities and 350,000 documents across kyc.com and Markit’s Counterparty Manager, customers benefit from validated information to determine beneficial ownership.
David Deane, managing director of client and data services at Deutsche Bank said: “We actively support the use of KYC utilities and have been investing in the development of the kyc.com service as a founding design partner since its inception. Now that the service has been developed, we want to encourage market adoption. Deutsche Bank is inviting customers to subscribe to this service and contribute their KYC documentation and data to kyc.com.”
“HSBC is committed to a consistent, comprehensive approach to financial crime risk assessment and regulatory compliance, and that requires a robust KYC process,” said Greg Watson, global head of banking middle office at HSBC. “Using kyc.com improves the client experience while standardising and simplifying data gathering and validation.”
“One of the biggest challenges to conducting KYC in Asia is the regional variation for cross border compliance, which adds a layer of complexity to managing our customer relationships,” said David Fleet, managing director of client onboarding and management, Standard Chartered. “For us it’s about establishing best practice and mutualising efforts to remove some of the regional anomalies. Kyc.com supports this and provides a more cost-effective way to conduct our business.”