JMLSG KYC Guidance for UK Firms
Friday, May 25, 2018 | Daniel Robert, The ID Register
In 2017, The Joint Money Laundering Steering Group, (JMLSG) which sets the regulatory guidance for all UK financial services firms, issued revised KYC guidance. This ensures that United Kingdom regulations remain in line with recent updates from the Financial Action Task Force (FATF) and the European Union Fourth Money Laundering Directive. This revised guidance places a particular emphasis on financial services businesses adopting a risk based approach to counter potential Money Laundering and Terrorist Financing risks. This update explains the overall approach, recent changes and how these requirements can be satisfied t…
Implications of the Fifth Money Laundering Directive for the Funds Industry- May 2018
Friday, May 25, 2018 | Mark Quigley, The ID Register
On May 14th the Council of Europe adopted a directive strengthening the EU Rules to prevent money laundering and terrorist financing. Dubbed the Fifth Anti-Money Laundering Directive, it will amend directive 2015/849 and aims to further enhance transparency and controls in the wake of a number of terrorist attacks in Europe in 2016.
The 5th Anti-Money Laundering Directive entered into force on 9 July 2018 and Member States will have to implement these new rules into their national legislation by 10 January 2020. Some of the key changes to the 4th Anti-Money Laundering Directive are as follows:
1. Transparent access t…
What is The ID Register? - Two minute interview with Tim Andrews
Tuesday, March 27, 2018 | Tim Andrews, The ID Register
Director of The ID Register, Tim Andrews, explains about the background of the investor onboarding platform and how it can help make key processes such as fund launches faster, easier and more cost-effective.
Ballard Chalmers Case Study - Ipes: The ID Register
Monday, March 26, 2018 | Ballard Chalmers
"Custom software development is at the heart of fintech and makes systems like this one a reality. With our experience in this sector we are helping to solve real problems for finance sector firms." - Managing Director, Ballard Chalmers
After the success of the fully bespoke build of Capital Tracker, a cutting edge cloud enterprise application developed for managing Private Equity funds, Ipes continued their longstanding relationship with software development outsource partner Ballard Chalmers on the build of The ID Register, an online investor onboarding platform that helps makes key processes such as fund launches faste…
GDPR for the Funds Industry
Wednesday, February 21, 2018 | Mark Quigley, The ID Register
The European Union General Data Protection Regulation (GDPR) comes into effect on May 25th 2018 and with just a few months left to comply with the requirements, time is of the essence for businesses.
Fund managers and administrators in particular are caught between the proverbial ‘rock and a hard place’ with respect to Know Your Client (KYC) documentation. On the one hand they must comply with KYC regulations by collecting private and potentially sensitive information on their investors (the ‘data subjects’), while on the other hand they are obliged to respect the evolving rights of investors in relation to data protectio…
W-8 and W-9 Forms for Private Funds
Wednesday, February 21, 2018 | Guide
The Foreign Account Tax Compliance Act (FATCA) has effectively extended the need to complete US tax forms to any financial institution that opens a bank account, holds investments in the US or deals with a US-based supplier or customer. These W Series forms come in different formats. Which one applies to your entity and how do you know which fields to complete? W Series forms have two main purposes: Many…
The point of W Forms
W Series forms have two main purposes: