Standard Chartered Bank in Hong Kong is now using a new real-time system for know-your-customer (KYC) verifications. This system, which was developed in partnership with Know Your Customer Ltd., uses the Hong Kong Monetary Authority’s (HKMA) Commercial Data Interchange (CDI) platform.
The main goal of this new system is to make it easier for small and medium enterprises (SMEs) to open bank accounts. By automating the retrieval of company data through an API on the CDI platform, the bank can now verify information much faster. This not only speeds up the account opening process but also helps the bank more accurately identify the ultimate beneficial owners (UBOs) of complex company structures. As a result, the bank can improve its risk assessments and overall operational efficiency.
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