22 June 2021 – Primasia Corporate Services Limited have announced that award-winning RegTech company Know Your Customer is the technology partner behind the digitisation of their client onboarding and KYC/AML process across the APAC region.
Headquartered in Hong Kong and with overseas offices in Shanghai, Beijing, and Guangzhou, Primasia are a leading corporate services group, supporting clients’ Hong Kong and China operations since 1987. The organisation specialises in incorporation, accounting, tax, payroll, visa, and trade/shipping documentation support with an experienced multi-lingual team working in English, Mandarin and Cantonese.
Established in 2015, Know Your Customer specialises in next-generation digital onboarding solutions for regulated organisations around the world. By providing a single source of truth, Know Your Customer helps clients reduce KYC and AML risks, streamline their processes through agile automation, improve data accuracy and associated analytics, and comply with internal, board and regulatory reporting demands.
In March 2018 new anti-money laundering rules were introduced in Hong Kong, extending compliance requirements for corporate services providers based on recommendations from the Financial Action Task Force (FATF). Industry practitioners set up new internal controls to perform periodic reports and on-going monitoring, resulting in an increase in resources allocation.
By partnering with Know Your Customer, Primasia was able to replace time-consuming and disconnected manual steps with a more automated and digitised process. The new approach to digital onboarding and on-going monitoring succeeds in exceeding customers’ expectations and meeting regulators’ demands.
John Barclay, Director of Primasia, commented:
“We are constantly looking for innovative solutions to provide the most efficient and seamless experience to our vast range of clients looking to expand and grow across Asian markets. Through the Know Your Customer platform, we can streamline the entire AML process. An intelligent use of automation helps us ensure that no important information or required steps are overlooked and that our efficiency and accuracy are maximised.”
Claus Christensen, CEO of Know Your Customer, added:
“Over the past few years, we have witnessed a decisive increase in the scope and depth of AML requirements in corporate services. By proactively embracing digitisation and intelligent automation, Primasia can bring their vision for on-going compliance and frictionless digital onboarding to life. We are delighted to be their RegTech partner of choice in this exciting journey.”
Know Your Customer has equipped Primasia with a comprehensive compliance platform which includes extensive KYC case management and workflow capabilities, as well as on-going monitoring for live AML updates and automated periodic reviews.
Primasia Corporate Services Limited and its subsidiaries are a leading, Hong Kong-based corporate services group, supporting clients’ Hong Kong and China operations since 1987. Through our qualified and experienced staff, working in English, Mandarin and Cantonese, we offer incorporation, accounting, tax, payroll, visa, and trade/shipping documentation support.
Through our China WFOE (offices in Shanghai, Beijing, and Guangzhou), we provide full China set-up and supporting services, including payroll, tax, accounting and licence renewal.
Primasia is an official Xero Silver Partner. We offer a full suite of cloud-based accounting services such as assisting in the transition from traditional accounting software to cloud accounting, helping you set up on Xero and providing Xero training.
About Know Your Customer
Established in 2015, Know Your Customer provides next generation digital on-boarding solutions to organisations around the world. Our award-winning technology is setting a new standard in the space of Anti-Money Laundering, Corporate KYC and ID Verification. Know Your Customer empowers compliance teams to efficiently perform all necessary KYC and AML checks on both individual and corporate customers, centralising the on-boarding process through a uniquely intuitive and easy-to-use platform. This technology accelerates the time needed to onboard a new corporate client from an industry average of 26 days to 1 day, reducing compliance teams’ manual work by up to 85%.
With offices in Hong Kong, Singapore, Shanghai, and Dublin, Know Your Customer has quickly established a global presence and a reputation for excellence. Their customer list spans across 11 verticals – including banking, FinTech, insurance, payments, real estate, asset management, legal firms, among others – and 18 jurisdictions.