Thomson Reuters this week launched a new solution to support financial institutions and their clients to increase efficiency and reduce costs in complying with know-your-customer requirements.

Accelus Org ID was developed in partnership with financial institutions, corporations, asset managers, and hedge funds and following discussions with nine regulators from key financial markets around the world. Providing a complete managed service covering the on-boarding of clients, risk categorization, and risk screening, Accelus Org ID allows financial institutions to more effectively respond to new and ongoing regulatory requirements around the world.

Accelus Org ID acts as a neutral central clearing house by creating accurate identity documentation, which works as a globally-recognized KYC ‘passport', and provides the ability to screen for high money laundering risk characteristics, negative news flow or sanctions issues. The clients of financial institutions submit a single set of identity documents to Accelus Org ID and can make them available to all of their authorized financial institutions.

Accelus Org ID supports financial institutions in efficiently identifying and completing the required ongoing maintenance of client identity data, including periodic and event driven reviews. The service is centrally updated as new regulations come into effect and covers rules and regulations surrounding anti-money laundering; FATCA, Dodd-Frank; and more, and supports KYC compliance in the United States, Europe, Asia, and emerging markets.

The solution is fully secure and easily integrates with financial institutions' existing internal systems. Utilizing Thomson Reuters extensive proprietary risk and compliance assets, the service is available globally in 63 languages.

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