New Web-Based Solution Meets Regulatory Requirements For KYC

A new online platform, developed in Guernsey, is aiming to make the 'know your client' (KYC) process quicker, easier and more cost effective.

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 that '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.'