Financial Crime World

Streamlining Counterparty Onboarding with LexisNexis Bankers Almanac

BIDV has successfully integrated LexisNexis Bankers Almanac Counterparty KYC into its workflow, significantly speeding up the on-boarding process for new counterparties.

Accelerating the On-Boarding Process

The solution provides access to a comprehensive database of primary source data, continually verified and updated by over 140 global data analysts working in 20 languages. This allows BIDV’s Financial Institutions (FI) team to quickly identify potential risks and stay on top of the latest developments.

Enhanced Coverage and Accuracy

  • The database covers over 200,000 financial institutions, including more than 21,000 banks worldwide.
  • Data is sourced directly from financial institutions and updated at key milestones and reactively based on events.
  • The solution acts as a “golden copy” of KYC data, ensuring accuracy and reliability.

Benefits for BIDV

By taking control of the collection process, BIDV has reduced the waiting time for KYC documentation gathering from an average of 2 weeks to about a half a day for each financial counterparty. The Bankers Almanac Counterparty KYC solution has enabled BIDV’s FI team to:

  • Work more efficiently with up-to-date data
  • Identify risks quickly and effectively
  • Strengthen due diligence on counterparties, contributing to improved performance

Customer Testimonial

“The Bankers Almanac Counterparty KYC solution is a key solution that our FI team relies upon,” said MS Pham Thi Ngoc Anh, Head of Financial Institutions Department at BIDV. “We are pleased with the benefits it has brought and look forward to continued collaboration.”

Value-Added Services

The solution also provides value-added services such as:

  • Ability to quickly download counterparties’ Wolfsberg questionnaires all in one place
  • Enhanced due diligence capabilities through access to a wide range of KYC documents, including:
    • Wolfsberg Group CBDDQ
    • Certificate of Incorporation
    • Banking License
    • Corporate Governance documents
    • Annual Reports
    • Foreign Account Tax Compliance certificates
    • US PATRIOT Act certificates

Conclusion

LexisNexis Bankers Almanac Counterparty KYC has enabled BIDV to streamline its onboarding and review processes, allowing for efficient assessment of bank counterparty KYC information. For more information on how this solution can help your organization optimize AML/KYC Compliance programs, visit risk.lexisnexis.com/global/en/financial-services/financial-crime-compliance.