A Bermuda-incorporated global company is helping HSBC and other banks to satisfy so-called know-your-client requirements amid a crackdown by regulators on money laundering.Markit Group and Hamilton, Bermuda-based Genpact say they are developing the first centralised service for end-to-end management of client onboarding and other know-your-customer (KYC) requirements in the financial markets.HSBC Holdings Plc and Morgan Stanley are the first banks to work exclusively with the initial scope and design of the new service.The service will allow banks to start new trading relationships faster and cut costs by sharing expenses, according to a statement from Markit and Genpact.The statement said: “Expertise from their teams of professionals will help ensure that the service meets the complex onboarding needs of large financial institutions. Asset managers will also contribute to the design and development process.”The US fined London-based HSBC $1.9 billion last year over allegations and claims the lender gave terrorists and drug cartels access to the US financial system.Europe’s biggest bank was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of US currency from HSBC Mexico, prosecutors said.HSBC accepted responsibility at the time and said it’s “a fundamentally different organisation from the one that made those mistakes.”New York-based Morgan Stanley, owner of the world’s largest brokerage, hasn’t faced fines over money laundering since the financial crisis, Bloomberg reported, adding, regulators have ordered US banks including Citigroup Inc. and JPMorgan Chase & Co to tighten their controls.The new service could “help drive higher standards, consistency and best practice,” David Burnett, chief operating officer of HSBC’s banking and markets unit, said in the statement.Sandeep Sahai, senior vice president and business leader, Capital Markets and IT Services, at Genpact, said, “Our partnership with Markit will be truly innovative because we’re developing a targeted solution that will make capital markets client onboarding and KYC processes much more effective, providing the regulatory compliance and transparency needed while helping financial institutions to enhance their client service.“Even more importantly, we will bring end-to-end thinking and frameworks to our shared services solution, which will be cost effective and flexible, allowing these clients to become better able to adapt to market volatility and changing regulatory requirements.”Publicly-traded Genpact is domiciled in Bermuda with its main offices in new York.It began in 1997 as a business unit within General Electric. Bain Capital became Genpact’s largest shareholder.