Thomson Reuters collaborates with Salesforce for AML/KYC

Thomson Reuters has formed a partnership with Salesforce to help onboard new customers and meet regulatory AML and KYC obligations.

Thomson Reuters World-Check, a databases of risk intelligence data to support companies in meeting their due-diligence obligations, will be integrated with Salesforce AppExchange.

It will be accessible through the Thomson Reuters Customer Risk Screener Application to set new standards for Know Your Customer due-diligence processes.

The Customer Risk Screener Application is designed to drive improved workflow and will help clients more efficiently on-board and manage customer screening. It will be accessible through Salesforce Sales Cloud, Financial Service Cloud and Service Cloud.

“Financial crime is one of the scourges of modern day society, and is linked to some of the world’s biggest problems such as forced prostitution, slavery and drug trafficking. The ‘Know Your Customer’ regulations are designed to help companies identify potential financial crime, and penalties for KYC failure are severe, including prosecution, substantial fines and ongoing regulatory oversight, not to mention reputational and brand value damage,” said Debra Walton, managing director, customer proposition, Financial & Risk, Thomson Reuters.

The application will simplify and accelerate the customer due diligence process and connect client account records, reducing significant manual requirements, Walton added.

World-Check is a risk intelligence database which helps organisations across the world meet their regulatory obligations, make informed decisions and help prevent them from inadvertently being used to launder the proceeds of financial crime or association with corrupt business practices. The database is managed by a team of over 350 highly trained analysts who monitor more than 600 sanctions, regulatory and law enforcement lists and thousands of media sources, as well as company information and regulatory filings.

Earlier this year, Thomson Reuters expanded its connected risk platform to include a commercialised risk management (RM) solution. The company said the solution will help new customers develop more ‘holistic, effective risk management programs’ aligned with their risk methodology and business strategy.

The announcement came weeks after it went live with key MiFID II services. The services are part of the Thomson Reuters’ aim of providing a comprehensive suite of solutions to assist the industry with ensuring ongoing compliance with MiFID II requirements.


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