Kyc.com announces strategic partnership

Kyc.com announces strategic partnership

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Kyc.com, the joint venture between Markit and Genpact, has announced a strategic partnership with Dow Jones, Exiger and Regulatory DataCorp (RDC), to deliver a standardised know your customer (KYC) process encompassing compliance, onboarding, sanctions, screening, negative media searches and client risk assessment.

The kyc.com service will utilise regulatory risk data and screening processing from RDC, integrating RDC’s Global Regulatory Information Database which holds over 7 million profiles with risk relevant information.

The partnership will allow continuous risk profile monitoring of all entities in the kyc.com platform, notifying users of any changes in risk profiles at any point in the relationship, not just at onboarding.

Dow Jones Risk and Compliance will contribute its extensive data records, providing details on over two million global sanction records covering politically exposed persons, state owned companies, relatives and close associates, special interest persons, adverse media and watchlists.

Finally, Exiger will provide access to its team of financial crime compliance experts to assist in the design of policies and procedures to optimise system configuration.

“Our aim is to bring together leading industry solutions that raise standards, increase control and reduce cost for all sizes and types of institutions from global G14 banks, investment firms and corporates through to small and medium size enterprises,” said Jon May, chief executive officer of kyc.com.

“We are creating an ecosystem that provides a pressure release valve to the pent up challenges of keeping up with and remediating KYC, AML, tax, legal and regulatory requirements.”

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