The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Accuity Repositions Data to Deliver KYC Identifier File

Accuity has repositioned data from its Bankers Almanac payments solution and Know Your Customer (KYC) Due Diligence Data File to deliver a KYC Identifier File that allows Legal Entity Identifiers (LEIs) and Global Intermediary Identification Numbers (GIINs) to be matched to banks’ counterparty records.

The KYC Identifier File also provides access to BICS, internal Accuity identifiers, company head office details, branch details and alternative name details that can be integrated with bank systems to support a single view of a customer.

The identifier file is a response to customer requests for a solution to match LEIs and GIINs to counterparty records and can be used to update existing databases and support customer on-boarding. It is available immediately and refreshed on a weekly basis. In future, further identifiers, such as tax identifiers, may be added to the file.

Kerry Hewson, executive vice president at Accuity, says: “The ability to enrich existing customer data with these identifiers and support the matching of entities across databases will help to create a single view of a customer. The KYC Identifier File is another step in providing tools that ensure access to accurate data, improve clients’ ability to respond rapidly to regulatory demand, and mitigate risk.”

Accuity is sourcing core bank information for the KYC Identifier File from its existing database. BICs, LEIs and GIINs are sourced from their originators and matched to data in the database. The company is also using GIINs, which are required to identify foreign financial institutions under the Foreign Account Tax Compliance Act (Fatca), as a starting point to gather further data and documents that are required for Fatca compliance.

Related content

WEBINAR

Upcoming Webinar: Evolution of data management for the buy-side 2021

Date: 27 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many...

BLOG

Bank of England Progresses Data Standards Plan to Improve Data Collection at Lower Cost to Industry

The Bank of England is pressing ahead with plans to deliver data standards for data collection based on its vision that ‘the bank gets the data it needs to fulfil its mission, at the lowest possible cost to industry’. It acknowledges the challenges of setting standards, such as coordinating collective action, and says it will...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in June 2021 with an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...