In December 2014, Elian launched a ground-breaking app that provided a paperless alternative to certified true copies for individual client due diligence (CDD) processes with technical support from Prosperity 24/7.
The app, called ID Check, was launched by Elian Due Diligence Services – the aim was to provide regulated firms a solution which enabled them to cost effectively and efficiently satisfy the increasingly demanding, regulatory environment.
First of its kind
The first of its kind, ID Check, simplified the process for submission of personal CDD information. Using the ID Check app from a phone or tablet, any individual client could submit their identity information to Elian in just five minutes, from anywhere and at any time.
Firms who utilised the ID Check service were able to offer their individual clients a secure, paperless channel, for the submission of identity information, via an app wrapped in their own brand. Behind the scenes, Elian Due Diligence Services applied a range of e-verification methods, resulting in a comprehensive, single-page verification report to the firm to satisfy applicable AML requirements.
Another level
In addition to the front-end service, a second solution was also provided – “Client Check” which was a comprehensive collection, processing and client due diligence storage solution, that complemented the ID Check app. All client types were covered, including individuals, partnerships, private companies, listed entities, public institutions and pension schemes. The full CDD lifecycle was also supported: from the initial collection of client information; through risk assessment, compliance assessment, 4-eyes review and processing; to secure e-storage and retrieval.
Ahead of its time
Client Check and ID Check were aimed at any business operating in regulated legal or financial services markets, where strict anti-money laundering rules still apply today.
Prosperity 24/7 continue to be incredibly proud to have supported this client who subsequently went on to be purchased. The innovative delivery of online Due diligence services was far ahead of the market, both in the early adoption of Microsoft Cloud services (Dynamics and SharePoint), whilst integrating data seamlessly, yet securely, from an end users mobile device – an approach that we all take for granted today, but one which was truly innovative in 2014.
