The IT and financial services sectors in Jersey have enjoyed another boost this week, with the launch of KYCme.com. The result of many years of research and discussion with finance professionals, regulatory bodies and advisors, KYCme.com is an online vault for professionals and individuals that authenticates and stores valued documents that can be accessed in a simple but secure manner.
This market-leading online storage solution is both anti-money laundering (AML) and know-your-client (KYC) compliant, thanks to its unique authentication process and it is forecast to become a global, online KYC solution.
The brainchild of a Jersey accountant, Mehul Kotedia and a Jersey Notary Public, Jeremy Johnson, KYCme.com has been made possible following the contribution of many notable Jersey professionals: “We believed there must be a better and more efficient way to retrieve KYC documentation, which is currently an onerous and expensive challenge, particularly if you are working with clients across many jurisdictions,” explains Mr Kotedia.
“We have created a secure, online document storage solution that acts like an online vault. Individuals can use it to store valuable documents, such as passports, contracts, insurance policies, driving licences and certificates for use during the KYC process and for day to day secure storage. Being a web-based solution, these documents can be accessed through due process at anytime, anywhere in the world, as long as there is internet access. Registered individuals can invite their authorised certified intermediaries, for example banks, insurance firms, accountants, lawyers and other professional firms that are regulated or required to fulfil AML requirements, to access specific documents, enabling the KYC process to progress swiftly and efficiently. This is only possible because of the unique authentication system we have in place, which ensures the documentation meets all AML and KYC legal requirements.”
News of the launch has been welcomed by the Jersey professional services community. The secure site – https://www.kycme.com – will save valuable time for certified intermediaries and individuals. The platform allows these certified intermediaries to certify the relevant documents online.
Once these documents are certified, they can be shared at the click of a button with other authorised certified intermediaries, by the registered individual.
Helen Hatton has worked closely with the KYCme team to make the system a reality. Widely recognised as the prime architect of the modern Jersey regulatory regime, Helen is Managing Director of Sator Regulatory Consulting Limited and says: “Finally! A smart and cost effective KYC solution which meets regulatory requirements reduces business costs and makes the client on boarding and on-going experience easier.”
The launch has been welcomed by Jersey’s Economic Development Department and the Digital Jersey Community. Commenting on the launch, Minister for Economic Development Senator Maclean said: “At a time when we are focused on developing Jersey’s digital economy and technology sector, and with the financial services sector evolving to cope with additional regulatory challenges combined with increasing costs of doing business, news of KYCme’s launch is a welcome innovation.”
After careful consideration KYCme chose to host its operations with Foreshore, a Jersey-based data centre and cloud services provider. Mehul Kotedia said, “For obvious reasons the nature of this service demands the highest levels of security and availability and Foreshore was the obvious choice as a trusted partner due to its extensive experience and strong credentials for secure hosting.”
Foreshore Chief Commercial Officer, Andrew Jarrett commented, “We are delighted to be facilitating the launch and continued operations of KYCme from our very popular offshore vCloud platform. Managing the risks around information security is a growing concern for all businesses and Foreshore’s status as the only Channel Islands data centre and cloud provider to comply with ISO 27001 security standards provides a high level of comfort to our financial services customers and was key to KYCme’s decision to partner with us.”
Jonathan Bale, Advocate and Principal of MJ Hudson, has worked closely with the KYCme.com team in the system’s development. Commenting on its launch, he says:
“We believe that the KYCme product will prove to be a more efficient way for KYCme's customers and users to securely deposit and retrieve KYC documentation, which will deliver significant benefits to users needing to provide KYC documentation as well as those users needing to access and verify customers' KYC documentation, helping to provide a greatly improved, considerably more expeditious and cost-effective service in relation to gathering primary KYC documentation."
For further information and to sign up, please visit https://www.kycme.com and follow the simple steps. A free 90 day trial is available, following which a user can sign up for a silver, gold or platinum annual subscription.