Kyc.com and Dow Jones team up for compliance drive
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Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes.
The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions.
Joel Lange, managing director of Dow Jones Risk and Compliance, says the partnership is a “massive step forward in combatting financial crime and money laundering globally”.
Kyc.com, a joint venture between IHS Markit and Genpact, says it centralises operations around client onboarding and sets a policy standard for data quality and completeness devised by the industry.
The Kyc.com service will be powered with regulatory risk data and screening processing from RDC. The screening engine integrates RDC’s Global Regulatory Information Database (GRID) of over seven million profiles with risk relevant information.
Dow Jones Risk and Compliance will serve as the core data provider with over two million global sanctions records including those related to politically exposed persons (PEPs), state owned companies, relatives and close associates, special interest persons, adverse media and watchlists.
Exiger will provide near real-time public records media research through DDIQ (Due Diligence IQ), an artificial intelligence product that systematically removes false positives and identifies risks across premium and open source content. In addition, users will have access to Exiger’s team of financial crime experts to assist in the design of policies and procedures to “optimise” system configuration.
