Jersey-headquartered regtech and digital due diligence company MYCDD has rolled out a new feature to make it easier for global finance firms to ensure they hold up-to-date due diligence information for global clients.
The ‘Organisations’ feature, which is being rolled out now, has been designed to enable fund administrators, banks, law and fiduciary firms to fully integrate due diligence document management into their bespoke corporate and client structures. By building a tailored data structure across its own business, the feature ensures firms always hold current information for their underlying clients.
A proactive feature, it provides automatic notifications to ensure the documentation held by firms is up to date, whilst its cloud functionality means it is usable across multiple jurisdictions with updates available in real time. It has also been designed to ensure compatibility with future regulatory changes and compliance obligations.
Formally launched in April last year, MYCDD aims to revolutionise how financial services firms in leading international finance centres manage their ongoing, wide-ranging and increasingly complex client due diligence requirements. Its vision is to act as a shared utility, to simplify how individuals and organisations share their documents securely and efficiently from a single source.
Last year, MYCDD partnered with leading European identity verification platform IDnow to offer clients market-leading electronic identity verification.
Commenting on the latest enhancement to the MYCDD platform, Stephane Gimenez, CEO of MYCDD, said: “MYCDD was launched in response to a rise in demand for cutting-edge digital due diligence solutions, with an aim to save financial services businesses time and money by revolutionizing the way due diligence is gathered, managed and shared. That’s why we have developed MYCDD to be a shared utility, a single source that can be accessed across businesses and locations. We believe that can be a compelling element of Jersey’s infrastructure as an IFC.”
“Supporting that vision, the rollout of our latest feature Organisations is truly ground-breaking. It can be fully integrated into the structures of multijurisdictional, global firms and can ensure in real-time that they are up to date with all their client due diligence requirements. For firms and their clients, and for Jersey as an IFC, we feel this is something that can offer huge reputational and operational advantages. Already we are seeing significant interest in the take-up of the feature.”