Pimco picks Kyc.com and Markit regulatory and compliance system
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements.
Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”.
Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), AML (anti-money laundering), tax, and legal and credit agreements. It serves as a “centralised repository” to exchange counterparty documentation and validated entity data.
Tracey Jordal, executive vice-president and senior counsel for trading and markets at Pimco, says: “The seamless interoperability between these platforms to support client onboarding, master agreement negotiation and tax validation as a unified group of steps is particularly beneficial.”
Kyc.com and Markit add that Pimco can reuse the data and documentation across all of its onboarding functions and communicate with its counterparties.
Know your firms
Kyc.com and Markit have enjoyed an eventful year so far.
Data provider IHS and Markit agreed an all-share merger of equals, with the transaction expected to close in the second half of 2016. The “implied” equity value of the transaction is more than $13 billion and the deal has been “unanimously approved” by the board of directors of each company.
Markit also acquired systems integration software developed by JP Morgan. The provider of financial information services will make the software available to buy- and sell-side institutions seeking to integrate with major systems used in the syndicated loan market, including agent servicing platforms and Markit’s trade settlement services.
Kyc.com, which is in fact a joint venture between Markit and IT services firm Genpact, announced the expansion of its KYC compliance and diligence service to Hong Kong and Singapore. This roll out is in addition to jurisdictional coverage in the US, UK and Australia which it launched in 2014.