CounterpartyLink adds KYC compliance index

Source: CounterpartyLink

CounterpartyLink (CPL), a leading provider of global, evidence-based legal entity intelligence, is releasing added functionality to its recently-launched, web-based service.

The new version will have significantly more information on beneficial ownerships and control of legal entities. This development is in response to the hot topic of global regulatory requirements around Dodd-Frank and the LEI (the Legal Entity Identifier), FATCA classification of beneficial owners and increasingly stringent KYC and AML processes. Also new is the innovative CounterpartyLink Compliance Index (CCI). Developed as a fast and accurate indicator for measuring the completeness and provenance of evidential sources of an entity's data available from any jurisdiction, the new index has already received very positive feedback from clients during the pre-launch, evaluation phase.

Importantly, for the first time, verified beneficial ownership data will be displayed to a level of 10% (ownership) or greater, supplementing the previous threshold, which was 25% or greater as defined in the EU Third Money Laundering Directive. Users of CPL Online will have high-speed, real-time access to the complete data sets in CounterpartyLink's bulk data feed products, enabling all users to search for, retrieve and analyse one of the world's most comprehensive, evidence-based, legal entity research databases.

James Redfern, Managing Director of CounterpartyLink, said: "Our clients are under growing pressure to implement compliant internal processes to meet external regulations: our greater depth of data and simple, real-time access provide speed and the all-important levels of accuracy. Regulatory and compliance burdens will continue to grow and an effective KYC process simply makes good business sense and is an essential part of risk management." He adds: "Both new additions are no-cost upgrades for existing users and underline our commitment to provide the latest regulatory compliance and risk tools to our clients. Our users see CPL Online as an invaluable tool for instant verification for client on-boarding and compliance, while our new index gives a clear assessment of the quality of the available data."

The innovative CCI is a unique index developed by CounterpartyLink to measure the completeness and quality of public domain sources for legal entities. Availability of approved sources varies considerably across multiple entity types and sectors in the 200+ global jurisdictions covered by CPL, and has a direct bearing on how rigorous a KYC or due-diligence check can be. 

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