Client and Counterparty Identification focuses on the gathering and processing of the necessary information of a financial firm’s clients and counterparties for Know-Your-Customer (KYC), Anti-Money Laundering (AML), Due Diligence purposes and other forms of background checks and verifications. For example, the process of client on-boarding for banks is traditionally burdensome and time consuming. It can take from several days to (more often) weeks before checks are completed and a client can be approved for business. Thanks to the application of innovative technologies like biometrics or blockchain, RegTech firms achieve significant time and cost savings.
RegTechs for Client and Counterparty Identification: