The Man Group, an international hedge funder provider that manages approximately $72.3 billion, has contracted with Thomson Reuters to use its Accelus Org ID "Know Your Customer" platform.
Accelus Org ID is an anti-money-laundering service that provides and periodically updates a clearing house of customer information for financial institutions to track their customers and verify their identities. The information is necessary to comply with anti-money laundering laws and international sanctions.
The "know your customer" service is considered an area of growth as compliance becomes more complicated, and launderers more sophisticated. Thomson Reuters debuted its Accelus Org ID service this past March.
"We needed a proven service provider that could deliver a KYC solution that included client onboarding as well as ongoing monitoring of client records for change in order to accommodate our evolving compliance needs," Patrick Kidney, global head of financial crime for the London-based Man Group, said in a press release.