CounterpartyLink Releases KYC Compliance Index

Legal entity intelligence firm CounterpartyLink, also known as CPL, will make a know-your-client (KYC) compliance index, as well as deeper beneficial ownership information to 10 percent levels, available on its web-based service, CPL Online.

The enhancement will allow CPL's bulk data feed to go beyond the EU Third Money Laundering Directive's threshold of 25 percent ownership, as well as prove more useful for firms complying with Foreign Account Tax Compliance Act (Fatca) classification and preparing to adopt the legal entity identifier (LEI) reference data framework.

The compliance index, or CCI, meanwhile, was developed to inform firms of the quality of public domain sources for legal entity information, the availability of which varies across both sector and geography. The index will account for more than 200 jurisdictions, allowing firms to benchmark the veracity of KYC checks as they perform counterparty due diligence.

“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. 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," says CPL managing director James Redfern.