Thomson Reuters Enhances KYC, AML and FATCA Capabilities

Thomson Reuters has announced significant enhancements to enable organisations globally to better meet their regulatory obligations. They include investments in new World-Check Risk Intelligence resources, integration of GoldTier client on-boarding software, and additional services offerings to help its global customer base in financial services and multinational corporates (MNCs) comply with their Know Your Customer (KYC) regulatory obligations.

The company noted that in 2012 the US Treasury Office of Foreign Assets Control (OFAC) added 561 entities to their sanctions list. Of these 181 were already profiled in Thomson Reuters World-Check Risk Intelligence database ensuring that its client base of over 5,000 companies using World-Check, including 49 of the top 50 banks, had risk indicators months ahead of the OFAC listing.

Thomson Reuters has that over the past years it has also further invested in expanded research capabilities to enhance and maintain the World-Check database. A significant increase in research capacity has provided over 400,000 hours of research by a team that consists of native speakers of over 60 languages monitoring in excess of 400 sanction, watch and regulatory enforcement lists and more than 240 countries and territories.

Expert research teams focus on topics such as: Politically Exposed Persons, State Owned Enterprises, National and International Sanctions, Narrative Sanctions, Law and Regulatory Enforcement, Negative News, Financial Crime, Maritime & Vessel, Regional Organized Crime, Global Terrorism and Insurgency, Chinese Organized Crime, and Middle East. All research is underpinned by specialist quality assurance teams.

In response to regulatory and customer demands for an enhanced Know Your Customer (KYC) on-boarding service, the company also recently launched Accelus Screening Resolution Service (SRS). SRS utilises research, software and expertise to provide an outsourced risk screening service powered by Thomson Reuters assets such as World-Check Risk Intelligence, Screening Online Software, Country-Check research and IntegraScreen Enhanced Due Diligence (EDD), managed by a specialist team of research analysts.

The service helps customers, both in financial services and the wider corporate market, achieve fast review of new and existing clients and a lower overall cost of operation with strong quality assurance processes that provide a complete audit trail for regulators.

In addition to the new SRS service, Thomson Reuters will be integrating GoldTier Client On-Boarding software into its offering, providing the financial service sector with a new end-to-end client on-boarding service that extends from the front to back office. The Goldtier framework integrates policy, process, documents and data management into a common platform.

The company added that integrating Thomson Reuters existing solutions such as content from World-Check, IntegraScreen Enhanced Due Diligence reports and software platforms for ongoing screening and monitoring of clients, with GoldTier’s broader KYC compliance platform, will add significant value to clients and offer them an even more powerful solution that is aligned to the way they work and regulators’ expectations. 

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