An asset manager overseeing $2 billion in AUM turned to Provenance to streamline their compliance processes by outsourcing Private Fund investor KYC/KYB. This strategic partnership aimed to reduce compliance costs and enhance the effectiveness of AML risk management. 

The Challenge 
With growing investor expectations and evolving regulatory demands, the asset manager faced high costs in managing KYC/KYB internally. Handling investor onboarding, document verification, screening, and ongoing monitoring required considerable resources, from staffing to technology investments such as licensing and auditing. To sustain compliance while reducing friction for investors, they needed an effective solution without the financial strain of maintaining an in-house compliance team. 

Our Solution 
Provenance stepped in to fully manage the investor KYC/KYB process, offering end-to-end solutions that include: 

• Investor onboarding and document collection 

• Verification, follow-ups, screening, and risk rating 

• Source of funds (SOF) verification and ongoing monitoring 

By leveraging best-in-class technology and continuously refining our models, we provide a seamless, efficient process that minimizes investor friction while maximizing compliance rigor. Our experienced team conducts precise, forensic analyses, particularly in complex AML, Proliferation Financing (PF), and Terrorism Financing (TF) scenarios, ensuring thorough risk assessments without the administrative burden. 

Results and Impact 
With Provenance managing compliance processes, the asset manager achieved a 45% reduction in annual compliance costs. Additionally, they avoided the need for hiring, training, and retaining compliance staff or acquiring software licenses. Investors now experience a smoother onboarding process, while the asset manager benefits from a cost-effective, expertly handled compliance function. 

Value as a Partner 
Partnering with Provenance means more than just cost savings. Our team brings specialized expertise, industry insights, and cutting-edge technology to deliver compliance solutions that are robust, adaptive, and built to scale. By partnering with Provenance, asset managers gain a strategic advantage in compliance, allowing them to focus on growth while knowing their regulatory obligations are met.