KYC Managed Service

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South African KYC Utility powered by Thomson Reuters Org ID

Rand Merchant Bank (RMB) realises that you and your organisation go through many frustrating man-hours to ensure that you are compliant with the ever-increasing Know Your Customer (KYC) and other legislative regulations. With these pressures and frustrations in mind, Rand Merchant Bank (RMB) has collaborated with other South African Corporate and Investment banks such as ABSA and Standard Bank to offer you a new, collaborative and simplified Know Your Customer (KYC) managed service provided by Thomson Reuters Org ID.

What is the Thomson Reuters South African KYC Utility?

The South African KYC Utility is a result of an unprecedented partnership among the largest financial institutions in South Africa and Thomson Reuters to facilitate the collection and distribution of KYC information for our clients. Clients such as large corporates, hedge funds and asset managers can use the utility as an efficient, centralised solution to distribute KYC documents and information through a secure, web-based portal.

Benefits for our clients:

KYC security

Secure storage and data dissemination via a web-based portal; access to the portal is password protected.

KYC cost

The KYC utility is completely free for clients to provide their client identity documents to RMB and other financial counterparties.

KYC control

You control the distribution of your information. Audit trails are also provided, evidencing the distribution of documents as and when this occurs.

KYC efficiency

A KYC utility streamlines the distribution process of your KYC information and documentation allowing it to be stored and maintained centrally, to be used as and when needed, across multiple financial institutions.

Glossary of Terms – Basic KYC Terminology

Read more Frequently asked questions

Should you require more information about the South African KYC Utility powered by Thomson Reuters Org ID, please contact your RMB Relationship Manager.