BankersAccuity Issues KYC Report to Address Compliance

BankersAccuity has launched ‘KYC Report’, a Know Your Customer (KYC) due diligence solution that provides details on financial counterparties including sanctions data, headline financials, proprietary ownership information, an overview of key anti-money laundering (AML) document availability, board member details and more.

KYC Report gathers information across the entire suite of BankersAccuity solutions, including Bankersalmanac.com, Credit Risk and the Due Diligence Repository. Financial institutions are required to compile extensive information on counterparties as part of their review and on-boarding procedures, but are often faced with two key challenges: freeing up the resources needed to compile the information and ensuring the completeness and accuracy of the data. As a result, these institutions often rely on overqualified internal resources to do this work, leading to higher operational costs.

KYC Report aims to make the data gathering process more timely, comprehensive and cost effective. The solution brings together definitive data that encompasses all due diligence needs, including screening against not only the source entity but ownership and key management as well.

As a result, banks can share information faster with key stakeholders in legal, AML, and risk and compliance to speed determinations about on-boarding or continuing counterparty relationships. At the same time, customers are assured that the data they are using to drive decision-making processes comes from a trusted single source.

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