1. Loss of Client Due Diligence records

Although most offshore businesses have very experienced administration teams offering best in class services, human error may still occur.  Misplacing a document received from a client can happen to us all, resulting in a difficult conversation with the client to ask for the documents to be resent.

Even the best document management system may not prevent an accidental deletion of documents, and despite excellent infrastructures, retrieving a document from backup may not always be easy, or fast.

Subject to having a valid subscription, thanks to MYCDD, should you misplace their Client Due Diligence documents, you can download them again and again, and store them safely in your internal infrastructure. 

 

2. Lost the client email containing CDD

Have you ever deleted, or mis-filed an email with important information that you cannot retrieve? Or you simply have an inbox that contains thousands of emails, and you cannot find what you need?

You will have the hard task to apologise to your client and explain why, and how you lost their sensitive information.

MYCDD resolves this as our notification emails contain no sensitive information about your related parties. So if it is misplaced, nothing sensitive is lost.

On top of this, MYCDD also has a built in notification system, so that if you have lost a notification email, you can simply log into MYCDD, open up your notifications system via the bell icon, and all your unattended notifications will be there for you to action. 

 

3. Related Parties can't be reached

Individuals that are often requested to provide Client Due Diligence are usually directors of companies, travelling from office to office, and don’t always have their CDD documents to hand.

This is the reason why we built a safe and secure Cloud Vault to store their documents, allowing those individuals to share their CDD from anywhere to anyone, at the click of a button.

To them, using MYCDD is really that simple. Login with their mobile device, and within seconds, send an invitation for you to subscribe and download their documents.

Adding a document to MYCDD couldn’t be simpler. Sign in on your mobile device, chose to upload or take a photo of the document, and that is it. This allows you to easily share a renewed passport, or certified document there and then, so that you don’t have to receive a request for it.

 

4. Lost track of which parties have been chased

Sometimes, a company will have to undertake the huge task to review large portfolios of clients, review their KYC status, and gather large amount of Client Due Diligence.

During those projects, the team which is going through the manual task of contacting all related parties, may lose track of which individuals have been contacted, and which haven’t, which are waiting to call back, and which have promised to send their CDD.

Chasing of expiring documents is automatically done with MYCDD, so that you don’t have to.

Notifications are sent to the owners of documents before, and on expiry date, to encourage proactive renewal. This will reduce the need to chase and frustrate your related parties, so that you can concentrate on what matters to your clients.

An important area of our service is the Update section which provides you with a list of documents that were updated by your related parties, since your last download. This enables you to download all updated documents at once, in a very convenient way.

 

5. Wrong CDD documents are supplied

Administrators may chase multiple clients and related parties at the same time, sending endless emails, leaving phone messages over and over, to eventually receive a response containing the wrong documents. This is not only time consuming but frustrating for all. 

The process of requesting documents with MYCDD is really intuitive and efficient, and whether you are already subscribing to the individual’s documents or not, it takes seconds to send the request. So should you receive the wrong documents, asking for a new type of CDD takes no more than a few seconds.

Document types in MYCDD are clearly labelled, which means that individuals are unlikely to send the wrong documents to subscribers.

We also made sure to gather all types of required documents in most offshore jurisdictions, to cater for all your needs.

 

6. Unreachable related parties due to a change of details

Related parties may change their email or other contact details, but that will not affect you, because your subscription is not linked to an email, it is linked to their uniquely identified number in MYCDD.

This means that when they change email or phone details, you can still obtain their Client Due Diligence.

 

7. Failed regulatory audit due to invalid Client Due Diligence on records

Regulated companies based in offshore jurisdictions may be audited on an annual basis by local regulators. One of their concerns may be the validity of the Client Due Diligence documents held on behalf of the Client’s related parties, such as beneficial owners, directors, shareholders, and other connected individuals.

Despite best efforts by their teams, well managed processes, and invested administrative software, as the companies grow, the task of keeping Client Due Diligence up to date is becoming more and more difficult, inefficient, and endless.

The risk of failing an audit is becoming increasingly bigger each year using current methods and workflows.

Implementing MYCDD into your process will help by reducing some of your labour-intensive tasks, by automating CDD document renewal from your related parties, and in fact receiving some CDD without asking for it.

Instead of being reminded by your administrative process to gather new and updated CDD from those individuals, you may simply receive a notification that it was updated without the need to ask, and you simply download it.

 

8. Duplicate gathering of Client Due Diligence by different teams

A company with multiple teams, across multiple jurisdictions, will often ask the same individuals for the same Client Due Diligence, proving a lack of internal efficiency to their internal process. Even with elaborate internal workflows, the internal sharing of Client Due Diligence can be hard to achieve.

We have development security groups in MYCDD, so that complicated CDD subscriptions can be shared across your teams or individuals however you need, which means that just one subscription is required whist keeping security in mind.

Internal automation of document storage may also be set up to move MYCDD downloaded documents however you need, using your own client references, which can be recorded in MYCDD alongside your subscriptions.

 

9. Client become frustrated from constant CDD gathering

Let’s face it, anyone being asked for Client Due Diligence on a regular basis will find it annoying to say the least. The more connections one has with companies, lawyers, financial institutions, banks, the more often one is required to sharing their CDD.

We have designed MYCDD with those in mind, one place to store their documents, one version of their documents, and multiple subscriptions. Update a document once, and everyone subscribing will be notified at once.

 It is that simple.

 

10. Client take on suffer delays caused by CDD gathering

Taking on a complicated structured client, with a medium to large volume of related parties means a complicated KYC process, with vast amount of Client Due Diligence gathering to be processed.

Whilst add-hoc CDD requests are very simple to perform with MYCDD, we also developed a “Mass Upload” process which enables you to invite large quantity of related parties to onboard. A simple upload of a CSV Excel file is required, with data that your team can populate in-house, and our process will invite those related parties on your behalf.

In fact, the same process can be used when you decide to join MYCDD, allowing you to invite tens of thousands of related parties at once.

This process means that the CDD part of your client onboarding will not delay you in starting the real work for your clients.

 

11. Non recoverable fee caused by extensive CDD gathering

Often, during client take on, the time spent on Client Due Diligence may be written off.

Gathering Client Due Diligence with MYCDD hugely reduces time spent on gathering  the documents, from an onboarding perspective to an ongoing file review.

This means less unrecoverable fees by your team, and reduction on the pressure associated with the process.

 

12. Sending CDD by email to the wrong address

It is not unusual to send an email to the wrong person, and whether your related parties have sent you their personal information to the wrong address, or whether you have forwarded it to the wrong individual in your team, the risk of sending your client’s personal data to entirely the wrong person is very high.

Our subscription service is simple but effective, as one needs to approve the sharing of their documents, when requested by a subscriber. A simple 4 eyes check by both parties before the documents are shared.

What’s more, if a subscription was accepted by error, it can be revoked straight away, lowering the risk to send CDD to the wrong person.

 

13. Email inbox containing CDD can be compromised

Modern technology has enabled us to access our emails from anywhere, increasing productivity in many ways, but unfortunately has increased the risk of our emails being compromised.

From a mobile device being stolen, or emails accessed over a public WIFI, or much simpler, someone looking over your shoulder at your laptop’s screen whilst exposing your client’s information, receiving Client Due Diligence over emails is just not recommended.

Receiving a subscription notification from MYCDD will not expose any client’s information. It will simply provide you with a way of downloading the document, so nothing shows on your mobile device. And if the attack was using a public open network, all communications with MYCDD are encrypted, so you can rest assured that attackers couldn’t access those documents.

We encourage that downloads are performed directly to your company’s internal network, and in fact, we will soon provide you with a scheduled service to download your documents automatically, so that you never have to download add-hoc CDD, especially whilst on the move.

Those steps are essential to your client’s data protection, and we will continue to improve our services with best practice and security.

 

14. Automated forwarding of emails unintentionally sharing CDD

Email software such as Outlook have become very clever in their abilities to automate some of your tasks, but they can also be dangerous.

Often in an administrative environment, individuals may have automatic forwarding of all emails to their managers, or during out of office to another colleague, or simply granting permission of their inbox to someone else in the firm.

But what if the email received contained private information, sensitive data regarding a related party who didn’t want it to be automatically forwarded to others in the firm? 

With MYCDD, and security groups, only those who have been set up in a subscription, can download those documents, and again, no personal data is shared by email.

 

15. Email automation rule meant I never saw it

Automated rules in email software, can move an email to a folder before you have read it.

This could be another embarrassing conversation with your client, asking to send a document again, that they have already sent.

Whilst you may have set up a rule to move MYCDD emails to a sub folder somewhere, and you could miss it, the next time you log into MYCDD, your notification screen will get your attention with a red bell, indicating that something is waiting for you.

 

16. Administrator went on holiday and we can’t access the received Client Due Diligence

Client Due Diligence was requested by an administrator who is now on leave for 2 weeks. But you cannot access the inbox it was sent to?

MYCDD solves the problem, as long you have multiple users on your account, or security group, someone else can download the CDD and finish your process. And if you don’t, the administrator of the MYCDD account can grant access to another team member, or simply download it themselves.

Failing all this, MYCDD is mobile friendly, so the Account administrators can access their subscription on the move, from anywhere.

 

17. Related Party does not have a way to deliver CDD in person

More and more, we see individuals who are unable to travel for reasons that may be personal or physical of course. It may also be that they are travelling, on holiday or on business, and can’t personally deliver their CDD to you. They could also simply live in a different country.

MYCDD allows and enables Client Due Diligence to be sent electronically anywhere in the world.

We will not stop there. As for identity checking, we are also integrating with a market leader in identity verification, in order to help provide you with an “ID Score”. This will help you verify your customers, and complete your KYC process, with more evidence than ever before.

We will also soon, subject to user acceptance, validate their home address, by verifying their geo location upon upload of their documents. Again, an additional check that will help you with your KYC workflow.

 

18. Covid-19 restrictions are preventing physical delivery of CDD

Recent events affecting us worldwide with Covid-19 forcing us to stay at home, making us reduce physical contact, and avoid business travel, to stay healthy, and save lives.

At MYCDD, our efforts are to dramatically change old processes and methods of exchanging Client Due Diligence, because we believe that the technology in our platform will achieve better results, from the comfort and safety of our homes.

 

19. Related Parties simply too busy to action the request

From high-net-worth individuals to start-up directors, all are often too busy to find their own Client Due Diligence, scanning them again and again, sending countless emails in the hope that they reach the recipients. Finding their last utility bill, or the most recent register of directors can be time consuming, inefficient and frustrating to most. Having one place in the cloud, to safely store their documents, which enables them to share from anywhere, means that in turn, your will receive Client Due Diligence much faster than ever.

 

20. The end of the “wet signature”

Your clients wet signature certified by a notary or equivalent may still be needed, and whilst we work on providing a better solution in the coming months, you can take advantage of MYCDD subscription model, which will allow you to share the certified documents to all subscribers at once, reducing the frequency of those requests.