Know Your Customer (KYC) is an essential process for businesses of all sizes to prevent financial crime, protect their reputations, and comply with regulatory requirements. IHS Markit, a leading provider of information, analytics, and solutions for the financial markets, has developed a comprehensive KYC solution that helps organizations meet these challenges.
IHS Markit KYC is a cloud-based platform that automates the KYC process, enabling organizations to:
KYC is essential for businesses because it helps them:
IHS Markit KYC offers several key benefits for organizations, including:
When implementing IHS Markit KYC, it is important to avoid common mistakes, such as:
Case Study 1: A financial institution used IHS Markit KYC to screen a new customer. The screening identified a match against a санкции list, indicating that the customer was a known terrorist financier. The institution immediately terminated the business relationship, preventing potential financial losses and reputational damage.
Case Study 2: A technology company needed to perform KYC checks on a large number of customers in a short period of time. IHS Markit KYC's automated platform enabled the company to complete the checks quickly and efficiently, meeting its regulatory obligations without disrupting its business operations.
Case Study 3: An investment firm used IHS Markit KYC to monitor its customers' ongoing compliance. The platform detected a suspicious transaction involving one of the firm's customers. The firm investigated the transaction, identified it as fraudulent, and reported it to the authorities.
Table 1: Key Statistics on Financial Crime
Crime | Estimated Cost |
---|---|
Money laundering | $1-2 trillion annually |
Terrorist financing | $3-14 trillion annually |
Fraud | $5.8 trillion annually |
Table 2: Global KYC Regulations
Jurisdiction | Key Regulation |
---|---|
United States | Bank Secrecy Act (BSA) |
Европейский союз | Anti-Money Laundering Directive (AMLD) |
United Kingdom | Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLR) |
Table 3: IHS Markit KYC Features
Feature | Description |
---|---|
Automated screening | Screens customers against global sanction lists, watchlists, and adverse media |
Risk assessment | Performs risk assessments based on predefined rules and parameters |
Customer information collection | Collects and verifies customer information from multiple sources |
Report generation | Generates detailed KYC reports and documentation |
Relationship management | Manages customer relationships and monitors ongoing compliance |
KYC is a critical process for organizations of all sizes. IHS Markit KYC is a comprehensive platform that helps organizations meet their KYC obligations, protect their reputations, and mitigate financial risk. By automating the KYC process and providing accurate, up-to-date information, IHS Markit KYC enables organizations to streamline their operations, reduce costs, and enhance compliance.
Contact IHS Markit today to learn more about how IHS Markit KYC can help your organization meet its KYC challenges.
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