Sneha Shah, Thomson Reuters
Johannesburg, New York, and London - Standard Chartered Bank has announced its intent to join Thomson Reuters Org ID regional managed service solution for Know Your Customer (KYC) due diligence in South Africa.
Standard Chartered Bank has made the decision to join the African KYC managed service, which Thomson Reuters launched in July 2016 with design partner banks Barclays Africa, Rand Merchant Bank (a division of FirstRand Bank) and Standard Bank of South Africa. All four banks are committed to using the Org ID service to perform KYC and wider due diligence on their populations of corporate and institutional banking clients. Standard Chartered Bank is expected to go live towards the end of this quarter.
Sneha Shah, managing director, Africa, Thomson Reuters, said: "We are very pleased that Standard Chartered Bank is coming on board, leveraging our African KYC managed service for its regional clients. When we and the original three design partner banks launched the managed service for Africa last summer, we anticipated significant traction from both local and international banks operating in South Africa. That adoption is coming to pass, and we expect this trend to continue into 2018."
Stephen Priestley, regional head of Global Banking - Africa, Middle East and Pakistan, Standard Chartered Bank, said: "Our local and global teams conducted rigorous operational and compliance due diligence of the African KYC managed service, and the Proof-of-Concept satisfied our requirements. We are pleased to be joining the service with three other well-known financial institutions in Africa."