Over the years, fiduciary businesses, law firms and other types of regulated establishments have invested millions into software solutions helping them administer their structures, and complete their day to day activities.
Those software platforms have come a long way, reducing the overhead on the teams, and ultimately allowing those businesses to be more competitive.
However, one process that has not been resolved is the file reviewing process, whereby the only thing that can currently be achieved is reacting to the “last file review date”.
This means that regardless of Client Due Diligence document expiry dates, most administrators will only reach back out to their related parties after an extended period, post “last file review date”, depending on various elements, such as country of residence and other factors.
This creates potential high volumes of concurrent CDD gathering, adding tension to the teams and the risk of duplicated calls to the related parties.
This is still clearly very unproductive, inefficient, and has become a huge overhead for most.
With MYCDD, the process is turned around with a unique and new proactive process, whereby related parties automatically get notified to update their expiring documents, which in turn, will send you renewal notifications.
If another body requests for the individual to renew their utility bill, you will also get the benefit, reducing your need to request it.
When you get notified of a renewal, you can choose to download the documents straight away, or have a daily, weekly or monthly process to download all updated documents since your last “Download”, in a structured way that allows you to store those documents internally and easily.
At MYCDD, we are building this new revolutionary solution, aiming to dramatically reduce the time spent in gathering, chasing, renewing Client Due Diligence, and removing unnecessary frustration from your related parties, in the most secure possible way.
MYCDD makes a complex, inefficient process simple. It's easy to use, so your whole team can benefit.
MYCDD uses tried & tested, highly secure Microsoft infrastructure to keep your documents as safe as possible.
Designed by the industry for the industry, MYCDD solves a widespread issue, tackling CDD frustration with a smart new approach.