Tricor Group and Know Your Customer Join Forces to Deliver a New Client Onboarding Standard in Corporate Services across Asia

Asia’s leading business expansion specialist Tricor Group (Tricor) has joined forces with award-winning RegTech company Know Your Customer to radically simplify, streamline and digitise the company’s onboarding experience and anti-money laundering (AML) processes across Asia.

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With 50,000 clients globally (including 20,000 clients in mainland China), a staff strength of 3,000 and a network of offices in 49 cities across 22 territories, Tricor selected Know Your Customer to drive a thorough digitisation of the group’s client onboarding and AML processes, from the client-facing front-end to the compliance back-office.

Know Your Customer’s cloud-based platform, using the power of Microsoft Azure, enables Tricor to digitise and centralise all KYC and AML functions, reducing manual steps and repetitive tasks through strategic integration with AML watchlists and other legacy systems for maximum efficiency. The solution also includes advanced reporting capabilities to further strengthen internal controls and minimise the need for manual intervention.

Tricor’s client portfolio includes ~2,000 listed companies in Hong Kong SAR, mainland China, Singapore and Malaysia, and more than 40% of the Fortune Global 500 companies. With such a vast and varied client base, the company was in search of a user-friendly KYC and AML solution flexible enough to bring their complex risk policy to life through a multitude of configurable workflows. Know Your Customer was able to digitally replicate the complex handover and sign-off rules of Tricor’s distributed multi-jurisdictional compliance team, greatly simplifying operational processes.

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Lennard Yong, Group CEO of Tricor Group, commented:

“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.”

Claus Christensen, CEO & Co-Founder of Know Your Customer, added:

“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”.

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