Joint Markit and Genpact KYC Solution Implemented by Six Global Banks

Partnering together, Markit, a global financial information company, and business operations provider Genpact launched Markit/Genpact KYC Services in May 2014. The product was created to provide banks with a centralized portal for collection and management of KYC information. Among the benefits is that participating banks collect similar information from their clients. This allows banks to recognize each other’s Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term standards in cross-bank deals.

Adding to the list of firms using the service, Markit and Genpact have announced that six global G14 banks are implementing the KYC services. According to the firms, BNP Paribas, Citi, Deutsche Bank, HSBC, Morgan Stanley and UBS have begun to actively implement the product. The inclusion of Citi, Deutsche Bank, HSBC and Morgan Stanley occurs after they had participated in designing the framework of the KYC product.

According to Markit and Genpact, 1,000 buyside firms and corporations, representing more than 20,000 funds and entities, are registered with the service. Currently, the solution covers US, UK and Australian clients.

Commenting on the news, Jon May, CEO of Markit/Genpact KYC Services stated, “Support from these global banks allows us to drive a high common standard for KYC information throughout the industry. The quality of data and services provided by our KYC ecosystem is a key enabler for banks as they industrialise their operations in response to regulatory and cost pressures.”

Daniel Haid, head of client onboarding and account maintenance at UBS, added, “The Markit/Genpact offering creates a multitude of efficiencies in KYC due diligence processes. The convergence to and adoption of a standard approach by industry participants to KYC will help us fulfil our commitments to upholding the highest standards as relates to anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and KYC.”