Know Your Customer collaborates with HKMA for advanced RegTech solutions


Know Your Customer has joined forces with the Hong Kong Monetary Authority (HKMA) and its Commercial Data Interchange (CDI).

This partnership represents another significant step in the HKMA’s continuous effort to enhance financial intermediation and champion financial inclusivity in the region.

The collaboration stems from the mutual objective of fostering a more streamlined and efficient financial intermediation within the banking system. It’s in line with the HKMA’s overarching strategy to encourage greater financial inclusion throughout the region.

CDI stands as a groundbreaking financial data platform, eliminating redundant one-to-one connections between banks and data providers. Instead, with CDI, both banks and data suppliers form a singular connection, simplifying data exchange like never before.

For its part, Know Your Customer plays an essential role within the CDI. It offers automated access to the Hong Kong Companies Registry (HKCR), Inland Revenue Department (IRD), and a worldwide network of official registries spanning over 130 countries.

Their proprietary tech provides banking compliance teams instant access to essential company documents. This technology intelligently extracts shareholder and company specifics from these documents, hastening the process of mapping entity structures and identifying the ultimate beneficial owner, crucial for anti-money laundering endeavours.

Adopting Know Your Customer via the CDI enables Hong Kong’s financial institutions to notably improve the precision and speed of their Know Your Business (KYB) and UBO checks. This innovative integration is a significant step towards digital transformation, assuring an enhanced experience for both local SMEs and sizeable multinational corporations.

The union of Know Your Customer with HKMA’s CDI underlines the significance of having real-time registry access and primary source data for consistent regulatory compliance. As Know Your Customer spearheads top-tier compliance solutions, this alliance exemplifies the banking sector’s dedication to tangible innovation and tangible advancement.

Know Your Customer CEO & Co-Founder Claus Christensen said, “The CDI is just one of the many tangible and proactive initiatives taken by the regulator to drive RegTech adoption across the industry. Myself and the entire team at Know Your Customer are eager to contribute to helping banks strengthen their internal compliance processes and embrace digital transformation in the critical areas of business verification and onboarding.”

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