TCS Named a Leader in KYC-Anti Money Laundering BPO Services by Everest Group

Shalini | Myequity news service | Date : 14-08-2018 14:30:00 IST

Tata Consultancy Services, a leading global IT Services, Consulting and Business Solutions organization, has been named a Leader in Everest Group's PEAK Matrix for Know Your Customer (KYC) and Anti Money Laundering (AML) BPO services.

The report recognized TCS as one of the top two providers in terms of revenue and among the largestmarket players across major geographies. Everest Group also highlighted TCS BaNCS' KYC and AMLmodules and high buyer satisfaction in delivery, implementation, and ability to drive customers togreater success, as key strengths.

"Banks and financial institutions are using blockchain and cognitive tools to avert financial crimes andkeep up with the dynamic global and regional regulations regarding KYC and AML," said K Krithivasan,Executive Vice President and Global Head, Banking, Financial Services and Insurance, TCS. "Thisrecognition is a validation of our innovation and investments in building comprehensive complianceofferings and transformational capabilities that are powered by our Business 4.0 thought leadershipframework, and the resultant market success."

TCS has been working with the world's largest banks for many years and has built unparalleled expertisein KYC-AML compliance services. In addition to transaction processing, TCS' comprehensive set ofservices in this domain include consulting, analytics, transformation and technology solutions.

TCS offers a holistic onboarding and AML compliance framework, covering the entire customeronboarding lifecycle that helps financial institutions streamline and reimagine their processes andachieve regulatory compliance. This includes:

• KYC: Transaction monitoring, L1, L2 alert monitoring, name screening and sanctions screening

• AML: Customer identification and verification, customer due diligence including controllershipand ownership structure, enhanced due diligence, risk profiling with sanctions and negativedatabase checks, and customer outreach off-boarding

TCS' leverages its extensive portfolio of intellectual property and technologies offered by its alliancepartners to craft solutions using cognitive and robotic process automation that improve the turnaroundtime in alert reviews, increase detection rates, and reduce manual effort in transaction analysis. A cloud-based platform powered by the TCS BaNCS KYC module covers compliance for banking, securities,insurance and market surveillance to deliver dynamic customer insights beyond compliance obligations.

"Guided by its Business 4.0 vision, TCS has invested in building advanced technology capabilities andsolutions to efficiently deliver the KYC-AML compliance processes. Its strength in delivery andimplementation coupled with its ability to drive customers to greater success has resulted in high buyersatisfaction levels," said Manu Aggarwal, Practice Director, BFS Business Process Services (BPS), Everest Group.

"Our in-depth knowledge of financial services and its underlying processes, digital expertise, ourintellectual property and end-to-end cognitive compliance solutions, place us in a strong position to helpcustomers manage financial risks, drive regulatory compliance, and enhance end-customer experience," added K Krithivasan.

About Tata Consultancy Services Ltd:

Tata Consultancy Services is an IT services, consulting and business solutions organization that has beenpartnering with many of the world's .largest businesses in their transformation journeys for the last fiftyyears. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & TechnologyServices, and engineering. This is delivered through its unique Location Independent Agile deliverymodel, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 400,000 of the world'sbest-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) andthe NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winningwork with communities across the world have earned it a place in leading sustainability indices such asthe Dow J.ones Sustainability Index (DJSI), MSCI Global Sustainability lnd~x and the FTSE4Good EmergingIndex.

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