Know Your Customer (KYC) service, powered by Thomson Reuters KYC as a Service
The South African KYC Service
The South African Know Your Customer (KYC) Service is a result of an unprecedented partnership amongst the largest financial institutions in South Africa and Thomson Reuters.
The South African KYC Service simplifies the collection and distribution of KYC information for juristic entities. Large corporations, hedge funds, asset managers, and others can use the South African KYC Service as an efficient, centralised solution to distribute KYC documents and information to multiple financial institutions through a secure and free-of-charge web-based portal. The foundation of the South African KYC Service is a policy that has been standardised across all participating financial institutions.
Rise to the challenge of regulatory demands
The number and complexity of regulations will continue to grow. Let us take the strain.
Before: Clients face multiple policies, requirements and refresh cycles from their financial institutions
After: The SA KYC Service collects and verifies information once, and distributes it to your chosen financial institutions
Powered by KYC as a Service
- Quality assured: ISAE 3000 assurance over design and operational effectiveness of internal controls audited independently by PwC
- Secure: UK data centers subject to European Data Privacy laws
- Trusted: Built upon best-in-class risk solutions with screening and monitoring across 190+ countries, 400+ sanctions and watchlists, and 100,000+ media sources
- Unique digital identifier: Permanent reference identifier which distinctively connects data to verify and monitor client identity
- First of its kind: Operational since 2014 with over 125,000 KYC records for financial institutions and corporates already committed by Q1 2016
- Named Best Managed/Support Services Provider: Operational and Risk Regulation Awards 2015
Streamline account opening and ongoing maintenance
Have complete control of who sees what, when
A robust KYC infrastructure that your security and IT teams can trust
- The first KYC managed service with ISAE 3000 assurance over design suitability and internal controls.
- Data is stored securely. Appropriate measures are in place to ensure both physical and environmental security, as well as device security and malware protection.
- Your KYC data is stored in the UK where our data centers are subject to European data privacy laws – the strongest privacy framework in the world.
- We use industry-leading protocols to encrypt network communication for all sensitive traffic.
- KYC as a Service is an online KYC solution built by Thomson Reuters, a trusted data provider to both the regulators and the regulated community – with a reputation for integrity, diligence and information security.
If your organisation performs client due diligence
The South African KYC Service delivers an end-to-end KYC managed service, giving your operations team a standardised KYC policy and consistent due diligence process.
- Have confidence that your clients have been identified, verified, categorised, screened, are continuously monitored, and that your KYC records are in place and up-to-date.
- Our dedicated KYC teams proactively monitor the legal entity and alert you to any changes that could be risky to your business.
- Implement a standardised policy, creating a consistent due diligence process and consistent document requirements.
- Enhance operational efficiency and ease the administrative burden on your team – while we manage your KYC process.
- Reduce the escalating costs associated with the ever-increasing burden of KYC compliance.
Already a KYC as a Service customer?
Contact our support team