Award-winning KYC managed service adopts The Association of Banks in Singapore’s Outsource Service Provider Audit Report and Controls Framework, bringing further clarity to ABS members
Thomson Reuters Org ID KYC, the global Know Your Customer end-to-end client identity managed service, has adopted the Association of Banks in Singapore (ABS) standards and controls for outsource service providers (OSPAR) for financial institutions regulated by the Monetary Authority of Singapore (MAS).
“Our customers today demand compliance to global standards as well as meeting the needs of their local regulators,” said Dominic Mac, global head of Business Development, Risk Managed Services, Thomson Reuters.
Thomson Reuters Org ID, now in its third year of operation, is a global solution developed for banks, investment managers and corporations to simplify and streamline Customer Due Diligence (CDD) and the ongoing maintenance of KYC records – in line with ever-changing regulatory demands. Org ID has processed well over 125,000 KYC entity profiles, all of them fully validated and screened, with continuous monitoring and dynamic refresh offered as part of the service’s end-to-end solution.
The financial services industry has bestowed accolades upon Thomson Reuters Org ID; it received the Data Management Review Award 2015 for “Best KYC & Client On-Boarding Solution” – the second straight year Org ID has earned this recognition. Last October, Org ID also won the “Best Managed/Support Service Provider of the Year” at the Operational Risk & Regulation Awards 2015 ceremony in New York. Earlier last year, peers voting for the 2015FTF News Technology Innovation Awards selected Org ID to receive two FTF Excellence Awards — in the categories of ‘Best Operational Risk Management Solution’ and ‘Best AML/Anti-Fraud Solution’.
Source: Thomson Reuters Press Release