Man Group has selected Thomson Reuters Accelus Org ID (Accelus Org ID) KYC Managed Service to streamline their Know Your Customer (KYC) process.
With the selection by Man Group it takes the total records managed so far by the industry’s first and only KYC managed service provider to over 12,000. The agreement also demonstrates that clients trust Thomson Reuters to develop innovative solutions for the market that reduce the financial burden of regulatory compliance while accelerating their ability to conduct global business.
“We needed a proven service provider that could deliver a KYC solution that included client on-boarding as well as ongoing monitoring of client records for change in order to accommodate our evolving compliance needs,” says Patrick Kidney, global head of Financial Crime at Man Group. “We chose the Managed Service offering provided by Thomson Reuters Accelus Org ID as we were impressed with their many years of compliance and risk experience, due diligence process. We believe that their independent solution coincides with our vision of where the industry is heading, allowing us to remain at the forefront in delivering on our promise to clients by ensuring that our KYC information remains current and accurate.”
In March 2014, Thomson Reuters launched Accelus 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, enhancing 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 authorise the distribution to their financial institutions. Accelus 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.
“We conducted a search for a truly global KYC solution that could address the growing regulatory and compliance nature of our business and that of our clients here in Australia,” says Mariam Shelbourne, compliance officer, Man Investments Australia Limited. “We are delighted to have found such a solution in the Thomson Reuters Accelus Org ID KYC Managed Service. As we enter 2015, trusted, battle-tested partners are needed more and more to help to address current and future compliance challenges that we are certain to face here at home and abroad.”
“As we enter another complex year of evolving KYC demands, we are thrilled to be working closely with Man Group to accelerate the KYC due diligence process, reduce related costs, and enhance the ongoing monitoring of client portfolios,” says Anna Mazzone, head of KYC Managed Services at Thomson Reuters. “Because we are live and processing KYC records for financial institutions we have built a sizeable portfolio of KYC records from clients spanning 60 countries. The reason we can support a firm such as Man Group to become operational within days of signing their contract is because of the coverage we maintain on over 50,000 funds and millions of corporates. We enhance the KYC due-diligence process today and going forward with an ongoing monitoring feature to report changes on each legal entity to their trading counterparties. Working with Man Group is reflective of our continued dedication to transform the way the industry approaches KYC due diligence with an innovative, secure and efficient managed service solution. Ultimately our vision is to accelerate the ability for the trading counterparties to do business.”