KYC Compliance on correspondent banks

Raising the bar of Financial Counterparty KYC

Bank for Investment and Development of Vietnam (BIDV) leverages Bankers Almanac Counterparty KYC solution to streamline its onboarding and review processes on counterparty banks.

Bank for Investment and Development of Vietnam 


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Streamline the onboarding and review processes on counterparty banks

Strengthen due diligence check on counterparty banks.

Bank Compliance program

Founded in 1957 and listed on the Ho Chi Minh stock exchange since 2014, Bank for Investment and Development of Vietnam (BIDV) was the first commercial bank established in Vietnam. As a universal commercial banking group with affiliates in insurance and securities, BIDV is currently the largest bank in the country in terms of total assets.

Using Bankers Almanac Counterparty KYC, the bank can evaluate their counterparties in the shortest possible time, which creates efficiencies in the onboarding and on-going review processes. In their own words, their team can now work much more efficiently with up-to-date data and can well identify risks and are also able to strengthen our due diligence on counterparties and that is contributing to the performance of their team.

The solution has been essential to the Bank’s success:

  • By integrating Bankers Almanac Counterparty KYC into their workflow, BIDV has streamlined its onboarding and review processes and the FI team is now able to assess bank counterparty KYC information quickly and efficiently.
  • They have integrated the bank information checks along with value added services, such as the ability to quickly download their counterparties’ Wolfsberg questionnaires all in one place.
  • The depth and breadth of information in Bankers Almanac Counterparty KYC means that BIDV does not need to repeatedly chase customers for information.

Learn more in this case study.

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