A new fintech business, MYCDD, has 'gone live' in Jersey with the aim of helping international financial service firms manage their day-to-day obligations to conduct 'client due diligence.'

The business has opened a new office in St Helier this month. Its target audience consists of fiduciary services firms, law firms and financial service providers in the Channel Islands and, it hopes, in other important offshore financial centres.

It has developed a secure cloud-based platform which enables firms to transfer, store, manage and update a broad range of documents about their clients automatically through a single online central portal/dedicated web application. The platform is backed up by Microsoft software and has been designed to be simple and intuitive.

MYCDD has a ten-strong team in Jersey and other jurisdictions, consisting of client support people, compliance experts and technical developers. It hopes to expand and wants to simplify the way in which firms gather CDD from related parties and do so automatically and securely.