KYC Exchange Net AG Switzerland, is providing the international Financial Services Industry with a secure web-based communication platform for Know Your Customer (KYC) and Customer Due Diligence (CDD) purposes. KYC Exchange Net AG assists the Financial Industry to comply with Anti Money Laundering (AML) and KYC regulations by providing a platform that allows for the cost-effective exchange of KYC data between regulated financial institutions such as banks and their clients, while simultaneously increasing the banks’ efficiency. KYC Exchange Net AG has now completed the first test phase of this KYC platform with a group of international banks and is ready to roll out the service starting January 2014.
In order to comply with Anti Money Laundering (AML) and Know Your Customer (KYC) regulations today, banks are constantly requested to implement new time- and cost-intensive processes in order to collect, validate, analyse and update the required data.
Together with IHAG Holding and its partner companies AdNovum Informatik AG and Evalueserve AG, KYC Exchange Net AG has formed a comprehensive partnership with the objective to facilitate compliance with these regulations. The partnership brings along substantial scale, with companies with demonstrated and successful track records, and it caters for introducing the KYC platform as a global solution.
KYC Exchange Net’s web-platform has been designed in close cooperation with representatives from the financial services industry and is suitable for use by banks worldwide. It provides a secure KYC/CDD web-based communication platform that eliminates the need for terminals or software and enables more efficient user access management. Platform users gain significant efficiency and cost savings due to faster collection and distribution of KYC data, consistent data structure and automated updates and therefore have access to up-to-date KYC records at all times. KYC Exchange Net AG offers a range of different services to suit all customer requirements.
KYC Exchange Net AG has developed a new and extensive KYC Standard Questionnaire along with Protiviti, a global consulting company (www.protiviti.co.uk). Banking clients will be invited to submit the questionnaire plus supporting documents via the exchange platform to the bank. KYC Exchange Net AG and Protiviti will advise a selected Bank Advisory Panel, consisting of global banking compliance specialists, on the regulatory requirements of the individual questions and will also ensure that the KYC Standard Questionnaire is updated and developed as needed. This industry-driven governance model is designed to ensure that the KYC Standard Questionnaire is not only the most stringent, extensive and diligent questionnaire available on the market at the moment, but will continue to remain current as new financial regulations are introduced.