Know Your Customer is the driving force behind CSLB-Asia's KYC compliance in corporate services

  • AML and KYC , Consultancy
  • 12.05.2020 09:52 am

CSLB-Asia, providers of family office, corporate secretarial and commercial business consultancy services, have announced their collaboration with award-winning RegTech company Know Your Customer across the APAC region.

With clients ranging from newly established and fast-growing tech companies to entrepreneurs, venture capitalists and multinationals, CSLB-Asia specialises in offering experienced guidance on incorporation, market entry, obtaining work and regulated activity permits, governance and a variety of commercial and regulatory issues to individuals and businesses seeking to establish themselves in Asia.

Established in 2015, Know Your Customer provides best in class digital solutions for anti-money laundering (AML) and know your customer (KYC) compliance to financial institutions and regulated organisations around the world. By centralising the onboarding process for all client types within one solution, Know Your Customer strengthens compliance, reduces costs and delivers exceptional onboarding experiences to both individuals and corporate clients.

Following more stringent KYC requirements introduced by ACRA (the Accounting and Corporate Regulatory Authority) in Singapore, CSLB-Asia was looking for a technology partner to support their transition to digital-first customer-related KYC compliance. Their objective was to find an easy-to-implement solution to centralise all customer identity-related details within a secure infrastructure, while meeting regulatory requirements.

Since implementing the Know Your Customer platform, CSLB-Asia has been able to dramatically increase the speed at which ID verification and AML screening checks are performed and repeated, to ensure on-going and audit-proof regulatory compliance, as well as improve the depth of its understanding of control and ownership issues around its customers.

Steven Dewhurst, Compliance Director of CSLB-Asia, commented:

“With Know Your Customer, we can now perform all required KYC checks on our customers within thirty minutes. Moreover, AI-powered processes enable us to reduce the margin for human error and accelerate the overall incorporation process for our clients whilst, at the same time, improving operational efficiency by eliminating manual data collection. We now have a centralised repository of AML/CFT-related information about our clients, giving us access to the documentation we need to make us audit-ready at all times. Recently, we received positive feedback from ACRA following an AML/CFT audit and we know that Know Your Customer’s digital KYC solution was central to that achievement”.

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

“We are very excited to be the RegTech provider of choice for CSLB-Asia, a highly specialised corporate services firm with a solid reputation for excellence across the region. As KYC regulations continue to evolve throughout APAC, our partnership with CSLB-Asia will ensure all their compliance needs are met as their business continues to grow across a number of strategic jurisdictions.”.

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