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Collecting and verifying information about corporate customers is a long, often painful process for banks and clients. Now a number of organizations are aiming to solve the problem with registries that do the low-level grunt work on banks' behalf. But skeptics wonder whether regulators will bless the ideaand if banks are willing to put aside their rivalry for a common purpose.
December 18 -
This may be the year that banks finally adapt to the new risk landscape by shaking up their boards, bolstering cybersecurity and increasing vendor management.
January 6 -
As bank executives continue to debate, hesitate and worry over the security issues related to using applications that connect to the cloud, their employees are using cloud-based apps by the hundreds often without banks' knowledge.
December 15
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
"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.
