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Thomson Reuters: Launching the market's first managed service for 'Know Your Customer'

We helped Thomson Reuters launch the market's first managed service for 'Know Your Customer' [_EY-nwW4x7Y]
We helped Thomson Reuters launch the market's first managed service for 'Know Your Customer'

Complying with anti-money-laundering regulation is a highly complex and expensive task for financial institutions. But while the bills can be eye watering, they pale in comparison to the potential fines, which have cost the sector $7.2 billion in the last three years.

Thomson Reuters had spotted an opportunity to provide a managed service – Thomson Reuters Org ID – that would free banks from the risky, resource-intensive task of complying with Know Your Customer (KYC) regulation, a key component of the anti-money-laundering regime. Through its new service, it planned to undertake all necessary due diligence checks on banks’ customers, gathering and verifying critical information, and maintaining and updating data in line with regulatory changes.

PA was approached to help design, build and launch the new service, which is expected to support 650,000 firms.

How PA made the difference

Over a period of 12 months, we supported critical elements of Thomson Reuters Org ID, taking on roles such as project management, business modelling, IT operating model definition and data security assessment. We also helped to deliver workshops to develop a global KYC policy with potential customers and supported the creation of a comprehensive go-to-market plan. With PA’s support, Thomson Reuters launched Thomson Reuters Org ID ahead of the competition as the industry’s first managed service for KYC.

Thomson Reuters Org ID has been providing high-quality service from day one. This impressive start was confirmed when it was recognised as the ‘Best KYC and Client On-Boarding Solution’ at the second annual Data Management Summit Awards 2014.

For more information about our customer centric work, including how we helped Thomson Reuters meet its anti-money laundering regulatory requirements, please contact us.

Find out more about our work in financial services.

Contact the financial services team

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