Thomson Reuters Adopts Singapore Standards for KYC Service

Thomson Reuters' global know-your-customer (KYC) end-to-end client identity managed service Org ID has adopted the Association of Banks in Singapore (ABS) standards and controls for outsourcing service providers for financial institutions regulated by Singapore's central bank.

"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 for risk managed services at Thomson Reuters. "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."

Org ID is the only global KYC managed services provider to produce an International Standard on Assurance Engagements (ISAE) 3000 Type II controls report, according to Mac. That report also includes reasonable assurance reports from 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 (Monetary Authority of Singapore) Outsourcing Notice," says Mac.

Org ID is audited by PwC against using the ISAE 3000 standard. Now in its third year of operations, Org ID is a global solution developed for banks, investment managers and corporations to simplify and streamline customer due diligence and the ongoing maintenance of KYC records.