Due diligence services launches client app

Thursday 04 December 2014

Elian has launched an app that provides a paperless alternative to certified true copies for individual client due diligence purposes.

The app, called ID Check, is one of two services being launched by Elian due diligence services to provide regulated firms with a suite of solutions, which will enable them to cost effectively and efficiently satisfy the increasingly demanding regulatory environment.

The first of its kind, ID Check, which has already been adopted by Elian across all of its service lines, simplifies the process for submission of personal client due diligence (CDD) information. Using the app from a phone or tablet, any client can now submit their identity information in just five minutes, from anywhere and at anytime.

Firms taking up the service will, within days, be able to offer their individual clients a secure and paperless channel for the submission of identity information, via an app wrapped in their own brand. Behind the scenes, Elian due diligence services will then apply a range of e-verification methods and provide a comprehensive, single-page verification report to the firm to satisfy applicable AML requirements.

Dan Le Blancq, director of Elian due diligence services, said: "ID Check is a first of its kind innovation with the potential to revolutionise the way regulated firms collect identity information from their clients. ID Check has already had a massive impact in our own regulated service lines and is available across our global network of offices. Our clients now have a frustration-free, contemporary way to get their CDD to us in minutes, not days. Our back-office process is more efficient and our compliance teams are freed-up to focus on more productive areas. We hope many other regulated firms will see the value of ID Check and contact us for a free trial."

The second service being launched by Elian, Client Check, is a comprehensive collection, processing and client due diligence storage solution, which will complement the ID Check app. All client types are covered, including individuals, partnerships, private companies, listed entities, public institutions and pension schemes. The full CDD lifecycle is also supported: from the initial collection of client information; through risk assessment, compliance assessment, four-eyes review and processing; to secure e-storage and retrieval.

As with ID Check, Elian due diligence services has incorporated the latest technology into Client Check, making the service accessible to their clients' employees via a secure online portal, from anywhere and at any time.

Client Check and ID Check are aimed at any business operating in regulated legal or financial services markets, where strict anti-money laundering rules apply. They are stand-alone services that can be used together to offer a complete solution or as separate services depending on a firm’s needs.