Know Your Customer, a regtech firm focused on business KYC verification, is now available on the Hong Kong Monetary Authority’s (HKMA) Commercial Data Interchange (CDI).

The CDI is a consent-based financial data infrastructure. It enhances data sharing by facilitating financial institutions to retrieve enterprises’ commercial data, especially SMEs, from both public and private data providers.

Know Your Customer’s solution will be able to provide seamless and automated access to the Hong Kong Companies Registry (HKCR) and Inland Revenue Department (IRD), as well as to a global network of official registries across over 130 countries worldwide.

Compliance teams at banks and regulated institutions will have real-time access to official company documents, including certificates of incorporation and annual returns.

By adopting Know Your Customer through CDI, financial institutions in Hong Kong can significantly enhance the efficiency and accuracy of their Know Your Business (KYB) and ultimate beneficial owner (UBO) checks.

Claus Christensen, CEO and Co-founder of Know Your Customer said,

“The CDI is just one of the many tangible and proactive initiatives taken by the regulator to drive regtech adoption across the industry.

 

Myself and the entire team at Know Your Customer are eager to contribute to helping banks strengthen their internal compliance processes and embrace digital transformation in the critical areas of business verification and onboarding.”