To think that individuals are still being requested to use paper documents, wet signatories and face-to-face ways of certifying documents to prove their identity is unbelievable and yet is still very much the case.
The fight against money-laundering forces institutions to spend vast amounts on KYC processes. Gathering more and more client-due-diligence documents from individuals sometimes impacts on the client relationship.
MYCDD has developed a solution to provide a repository of CDD, allowing individuals to upload and securely store their documents, from anywhere, and intuitively share these to multiple parties at the touch of a button. Its notification service automatically requests renewals for expiring documents and notifies connected parties, called subscribers, when actioned. The subscription feature delivers continuously valid documents all year round.
MYCDD, hosted in Microsoft Azure, built its core CDD subscriptions service to simplify onboarding, ease KYC remediation and facilitate ongoing client reviews.
Stephane Gimenez, chief executive and founder, who has 24 years’ experience in the industry, has built this unique service to streamline everyday processes, dramatically reducing cost to corporates and improving relationships with their clients.
No KYC solution would be complete without identity and address verification, and MYCDD has worked hard to deliver these, and other additional exciting features that are coming soon.
Building a central client-due-diligence repository that is used as an effective resource by a network of reputable financial institutions to meet anti-money-laundering regulations puts Jersey in pole position of international financial centres in using an innovative digital solution in the fight against financial crime.