By Ipes News
The ID Register is a new online platform which makes the Know Your Client (KYC) process quicker, easier and more cost effective.
Potential clients, compliance consultants and industry professionals gathered in London, Jersey and Guernsey to hear more about The ID Register.
The ID Register lets users create a complete KYC profile and share it securely with those who need it, eliminating the need for multiple paper forms that all ask for similar information in slightly different ways.
Backed by leading fund administrator, Ipes, The ID Register has been developed in response to the changing regulatory requirements for KYC. The UK Financial Conduct Authority (FCA) has stated, "In order to enable effective competition and promote innovation, it is important that technologies that help firms better manage regulatory requirements and reduce compliance costs are supported."
Samantha Sheen a leading AML and Compliance specialist spoke at the Guernsey launch. "It’s absolutely amazing what’s happening in the world right now. What’s clear is that in the compliance world technology is becoming more innovative and more important but critically it is becoming more and more essential."
A number of technology solutions are emerging from both governments and industry. The Verify project from Gov.uk aims to link UK consumers' financial records across multiple major institutions in order to allow them to view and switch their investments more easily. Amongst the international financial centres The Channel Islands have shown their commitment to improving transparency and maintaining a central register by signing up to the UK Government's beneficial ownership agreement.
Samantha Sheen continues, "Industry is saying AML compliance is too onerous and it is not cost effective and is difficult to justify. I am anticipating in the next 18 months more countries across Europe will be looking towards e verification and opportunities for making KYC smarter and not harder."
"Technology has the benefit of improving the consumer experience. Compliance isn’t alchemy; there is nothing wrong with the customer knowing what it is they have to give you and why they have to keep it up to date. The more ownership a customer has over their CDD the more they are to be able to co operate and facilitate any additional information you may require so why keep it a secret? It shouldn’t be painful for a customer to do business actually the less painful it is for a customer to do business they more likely they are to do business again" Sheen concludes.
(Nigel van Zyl, Partner at Proskauer speaking at Roast in London)
Tim Andrews Director of Development spoke at all three launches and said "The ID Register brings together Ipes’ Fund Administration experience with FATCA and CRS expertise of tax partners such as KPMG, enabling financial firms and individuals to create a full KYC and FATCA profile and then connect it to their investments, lawyers or bankers."
"Updates are published to each connection instantly with minimal effort. Continuously screened against global sanctions and PEP lists, each client profile is also assessed against FATCA and CRS and fully supported by an expert team. Firms are then able to review the live CDD status of all their clients and investors and help fulfil their FATCA classification, registration and reporting obligations paper-free world wide and at any time." Andrews comments
Stepstone Partner Jason Ment says, "The ID Register is nothing short of a revolution for the investor onboarding process in the private funds market. The investor onboarding process has become more complicated and protracted in response to regulatory change. This frustrates investors and sponsors alike. The ID Register is a straightforward solution that seems obvious the moment you hear it - the investor completes a profile covering everything one time, and one time only. The profile is kept up to date. The investor shares the profile with each investee fund. No repetition. No wasted time."
For more information on The ID Register visit: www.theidregister.com
You can read the other articles from Ipes' autumn Private Equity update (edition 22) at the following links:
The Evolution of Marketing Private Funds under AIFMD