Know Your Customer has partnered with the Hong Kong Monetary Authority (HKMA) and its Commercial Data Interchange (CDI) in a significant move aimed at enhancing financial intermediation and promoting financial inclusivity in the region.
This collaboration is driven by the shared goal of streamlining and improving financial intermediation within the banking system, aligning with HKMA’s broader strategy to foster greater financial inclusion in the region.
The CDI is a pioneering financial data platform designed to simplify data exchange by eliminating the need for redundant one-to-one connections between banks and data providers. Instead, it establishes a single connection for both banks and data suppliers, greatly streamlining the data exchange process.
Know Your Customer plays a crucial role within the CDI, providing automated access to the Hong Kong Companies Registry (HKCR), Inland Revenue Department (IRD), and a global network of official registries spanning more than 130 countries. Their technology grants banking compliance teams instant access to essential company documents and intelligently extracts shareholder and company details, speeding up the process of mapping entity structures and identifying ultimate beneficial owners—a crucial aspect of anti-money laundering efforts.
By integrating Know Your Customer via the CDI, Hong Kong’s financial institutions can significantly enhance the accuracy and speed of their Know Your Business (KYB) and Ultimate Beneficial Owner (UBO) checks. This innovative integration marks a substantial step towards digital transformation, ensuring an improved experience for both local SMEs and large multinational corporations.
The collaboration between Know Your Customer and HKMA’s CDI underscores the importance of having real-time registry access and primary source data for consistent regulatory compliance. As Know Your Customer leads in compliance solutions, this partnership exemplifies the banking sector’s commitment to tangible innovation and progress.
By FCCT Editorial Team freeslots dinogame telegram营销
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