RegTech firm Know Your Customer has partnered with business expansion specialist Tricor to simplify and digitise Tricor’s onboarding and AML processes across Asia.
According to Know Your Customer, Tricor selected the firm to drive a thorough digitisation of its client onboarding and AML processes, from the client-facing front-end to the compliance back-office.
Know Your Customer’s cloud-based platform – which is powered by Microsoft Azure – will allow Tricor to digitise and centralise all KYC and AML functions and reduce manual steps and repetitive tasks through strategic integration with AML watchlists and other legacy systems for maximum efficiency.
KYC’s solution also includes advanced reporting capabilities to further bolster internal controls and minimise the need for manual intervention.
With the implementation of KYC’s technology, Tricor will be able to expedite client onboarding, minimise friction during the digital journeys of clients, bring down internal silos, streamline data flows and improve efficiency of internal processes.
Know Your Customer CEO and co-founder Claus Christensen said, “We have been witnessing a steady increase in anti-money laundering regulations on Corporate Service providers over the past few years, but the industry long struggled to come up with solutions to automate and scale these complex tasks. As an industry leader and a trusted partner of both listed companies, large corporates and SMEs, Tricor faced specific challenges related to their complex AML processes.
“Know Your Customer’s solution – adapted to Tricor’s specific needs – goes beyond simply guiding staff through a compliance workflow. By removing routine data extraction tasks through smart automation, it delivers long-term scalability for the overall business and an outstanding customer experience”.
Tricor Group CEO Lennard Yong added, “Our partnership with Know Your Customer seeks to digitise Tricor’s KYC and AML functions. The Know Your Customer technology platform will help us maintain our high compliance standards while creating a better, more efficient client onboarding experience – a win for both our clients and our client service teams.”
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