Outsourcing firm Genpact has partnered with global financial information services company Markit, in order to reduced illegal activities, including money laundering from the development of screening checks.

The partnership will see the creation of the first centralised service for end-to-end management of client skills and knowledge.

The service is expected to enable the industry to streamline operations, reduce costs and enhance compliance through better data management and quality.

HSBC and Morgan Stanley are the first banks to work exclusively with Markit and Genpact on the initial scope and design of the service.

David Burnett, chief operating officer, HSBC Global Banking and Markets, said, “We are pleased to be involved in the design of this service. An industry solution for client onboarding and KYC has the potential to deliver benefits to our clients and help drive higher standards, consistency and best practice.”