Thomson Reuters Adopts Singapore Standards for KYC Service
Org ID managed service will follow outsourcing provider standards set by banking industry group
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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
WatersTechnology latest edition
Check out our latest edition, plus more than 14 years of our best content.
Tech and data fragmentation irks enterprise risk managers
Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX, and reporting gaps.
When trading systems disagree: a deterministic architecture for event sequencing
Modern trading platforms execute millions of events at extraordinary speed, but speed alone does not ensure that every downstream system shares the same view of reality, says Gaurav Tiwari.
Goldman exec: Dec. 6 a ‘lighthouse’ for EU T+1 readiness
Officials from JP Morgan, the European Central Bank, the National Securities Depository, and Goldman Sachs explained how T+1 preparation needs to be different in the EU than in the US, while speaking at Sibos.
Month-long power glitch hits key APAC trade surveillance tool
Nasdaq’s alert functions were restored, but users say testing and calibration tools were still disrupted.
Bankers question value of round-the-clock trading
BNY and State Street execs predict the arrival of extended-hours trading will come with a hefty price tag for industry firms.
BlackRock Aladdin prioritizing semantic layer for agentic AI
The asset manager’s tech platform is spending “a lot of time thinking about” semantics before it rolls out AI for a variety of tasks, says Aladdin exec.
Trading firms rethink infrastructure proximity as Asia’s FX markets grow
Firms that treat local infrastructure as core to how they serve clients in Asia stand to benefit from Singapore’s growing role as an FX hub, writes Judy Goh.