Thomson Reuters Org ID says meets Singapore banks' KYC practices

Source: Thomson Reuters

Thomson Reuters Org ID KYC, the global Know Your Customer end-to-end client identity managed service, has adopted the Association of Banks in Singapore (ABS) standards and controls for outsource service providers (OSPAR) for financial institutions regulated by the Monetary Authority of Singapore (MAS).

“Our customers today demand compliance to global standards as well as meeting the needs of their local regulators,” said Dominic Mac, global head of Business Development, Risk Managed Services, Thomson Reuters. “We are the first and only global KYC managed services provider to have produced an International Standard on Assurance Engagements (ISAE) 3000 Type II controls report, which includes a reasonable assurance report issued by PricewaterhouseCoopers (PwC), the basis of which has been used to align our operational capabilities to the equally rigorous requirements of the ABS, in preparation for the soon-to-be-announced MAS Outsourcing Notice. Having an active and complete end-to-end risk and controls environment highlights our commitment to quality, the robustness of our security and resilience of our managed service, and helps meet our customers’ compliance needs on data protection and service continuity.”

In both instances, Org ID is audited by PwC against the ISAE 3000 standard and against OSPAR. In its most recent revised format, the ISAE international standard addresses Assurance Engagements Other than Audits or Reviews of Historical Financial Information and provides customers with an independent review in relation to the design and operating effectiveness of a service provider’s internal controls and compliance. Developed by the International Auditing and Assurance Standards Board, ISAE 3000 (Revised) is one of the most widely recognized standards used by accounting firms to independently assess a company’s report as to its control environment.

Other industry accreditations for Org ID include: ISO / IEC 27001 on Information Security Management; ISO9001 on Quality Management; and SOC2 on security, availability and privacy for its data center operations.

Thomson Reuters Org ID, now in its third year of operation, is a global solution developed for banks, investment managers and corporations to simplify and streamline Customer Due Diligence (CDD) and the ongoing maintenance of KYC records – in line with ever-changing regulatory demands. Org ID has processed well over 125,000 KYC entity profiles, all of them fully validated and screened, with continuous monitoring and dynamic refresh offered as part of the service’s end-to-end solution.

The financial services industry has bestowed accolades upon Thomson Reuters Org ID; it received the Data Management Review Award 2015 for “Best KYC & Client On-Boarding Solution” – the second straight year Org ID has earned this recognition. Last October, Org ID also won the “Best Managed/Support Service Provider of the Year” at the Operational Risk & Regulation Awards 2015 ceremony in New York. Earlier last year, peers voting for the 2015 FTF News Technology Innovation Awards selected Org ID to receive two FTF Excellence Awards -- in the categories of ‘Best Operational Risk Management Solution’ and ‘Best AML/Anti-Fraud Solution’.  

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