Kyc.com, Markit and Genpact’s joint venture providing regulatory and compliance support across the industry, has announced that it has been contracted by PIMCO to complement the firm’s due diligence and onboarding requirements.

PIMCO, at $1.5trn assets under management, is one of the largest asset managers to utilise kyc.com and Markit’s combined compliance offering.

Marketed at buy-side, sell-side and corporate firms, the service constitutes a single solution covering onboarding, know your customer (KYC) and anti-money laundering (AML) requirements, as well as tax, legal and credit agreements.

The centralised depository model allows clients to exchange counterparty documentation and validated entity data from one hub, which bypasses the bi-lateral agreements commonly made with broker-dealers, and minimises the costs associated with collecting and storing these documents.

“There are compelling business drivers for moving to an industry utility to support standardisation for onboarding, KYC, tax and due diligence,” said Virginie O’Shea, research director at the Aite Group.

“Large global buy-side firms like PIMCO are realising the benefits of having a global view of their customers as they share documentation and data across multiple booking jurisdictions and bank counterparties.”

Outsourcing to KYC hubs is becoming widespread trend in the industry. Schroders recently joined the Clarient Entity Hub, a separate client data and document management service offered by Clarient Global.

PIMCO will also begin using Markit’s Counterparty Manager and Tax Utility services in tandem with kyc.com’s offering.