The ID
Register, which was developed by the Guernsey office of private
equity specialist Ipes, marked the first anniversary of its
launch in July.
The online platform makes the 'know your client' (KYC)
process quicker, easier and more cost effective. The concept was
created in response to the changing regulatory requirements for
KYC, which led to frustration in the industry at the lengthy
paper-based connected due diligence process.
Since its launch, the register has grown rapidly with more than
17,500 registered investors and 140 general partners (GPs). It is
also proving very popular in the US market.
Ipes Director Tim Andrews said: "Financial organisations
currently face a number of common problems around customer due
diligence. It is currently a manual, paper-based process and there
is often poor visibility of what evidence is held and where there
are gaps. Sharing sensitive documents by email is not secure and
requesting the same information time and time
