Compliance with regulatory measures including Know Your Customer (KYC) and anti-money laundering (AML), such as those contained in The Patriot Act, as well as frameworks such as those defined by the Financial Services Authority (FSA) or the Sarbanes-Oxley Act in the U.S., requires organisations to adopt increasingly higher standards for legal entity data management and reporting.
Stringent sourcing and verification of fundamental information about clients, counterparties and issuers is now made easier through the use of the CounterpartyLink data set, which provides high quality, maintained legal entity data that can be used as the basis for a sound compliance environment.
Managing and assessing risk exposure such as that required by Basle II requires accurate hierarchy linkage information between legal entities and their majority-owned subsidiaries or parent companies. Each CounterpartyLink record includes (where appropriate) information about the immediate and ultimate parent of that organisation, enabling you to understand the “family” relationship.
CounterpartyLink also provides specific information to easily create linkages with the data in your organisation’s customer and instrument databases. For each entity, we include a range of industry standard identifiers that can be used for linking into other data sets. In addition, CounterpartyLink works with partners to provide other complimentary data sources.
Finally, and particularly important for compliance, CounterpartyLink maintains audit trail information for each counterparty record, tracking the source of each piece of data. On request, this audit information can be made available to customers to aid investigations and to understand best practices.
Legal entity data is required by a number of critical business processes within any financial institution.
AML/KYC Compliance