Client and Counterparty Identification

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 times to often weeks before checks are completed and a client can be approved for business. It is also one of the areas where the application of blockchain technology promises to bring significant time and cost savings, but that is only one of the angles RegTechs take when they try to come up with ways to improve the status quo.

 

RegTechs for Client and Counterparty Identification: