DTCC Connection

Nov 01, 2010 • DTCC Connection

AVOX and GoldTier Partner on Enhanced ‘Know-Your-Customer’ System

by Steve Letzler


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Compliance with know-your-customer (KYC) just became easier and less costly for the financial services industry based on a new strategic partnership between Avox and GoldTier.


Avox, the leading supplier of legal entity data on financial entities globally, has partnered with GoldTier, a leading compliance software provider, to create an enhanced system to help the financial industry comply with increasingly strict regulatory KYC requirements.


GoldTier is a leading provider to financial firms of software for onboarding new clients in compliance with KYC regulatory requirements. Having reliable and up-to-date due diligence on potential clients is necessary to comply with KYC and similar regulatory requirements. The incorporation of Avox data into GoldTier’s onboarding system will provide financial institutions with streamlined access to constantly updated, quality data throughout the client management lifecycle.


Automating maintenance processes

“The combination of our data offering with GoldTier’s onboarding software enables our mutual clients to realize the benefits of having quality data integrated into their daily processes,” said Ken Price, CEO of Avox, a subsidiary of DTCC. “The data provided by Avox is continually validated by our global client network and by our first-class research team, supported by authoritative information sources. This data is linked back to a verification audit trail to ensure complete transparency during regulatory audits.”


Price noted that having access to verifiable client data during the onboarding process was essential to making informed decisions on a client’s risk. He also noted that it was equally important to maintain the quality and accuracy of that data as a client’s circumstances change. “By volume, ongoing maintenance of the profiles of the entire base of existing clients is often more laborious than the onboarding of new clients,” Price said. “By pairing technology and quality data feeds to automate these maintenance processes, we can create an opportunity for cost-e


Rolling reviews

Regular feeds of updated client information from Avox will trigger GoldTier’s automated KYC risk re-calculation and review processes. GoldTier’s system is a global, cross-product platform, and adding Avox’s data will help create a system that provides a data-triggered KYC rolling review across the business.


“This partnership pairs the GoldTier system’s industry-proven client data model with Avox’s industry-proven client data,” noted Matthew Tebaldi, president and COO of GoldTier. “By combining our capabilities, ongoing updates to client data can be processed in a compliant and cost-effective manner. We’re excited to welcome Avox into the growing group of GoldTier clients and partners.” @


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