ID Register celebrates its first birthday

Wednesday, August 2, 2017 | The ID Register

The ID Register an online platform which makes the Know Your Client (KYC) process quicker, easier and more cost effective celebrated its first birthday on 22 July 2017.

Since its launch the platform has grown rapidly with more than 17,500 registered investors and 140 GPs including StepStone, Gilde, Adam Street Partners and TDR Capital. It is a revolution for the investor onboarding process in the private funds market and it is proving very popular in the US market.

Backed by leading fund administrator, Ipes, The ID Register was developed in response to the changing regulatory requirements for KYC. The UK Financial Conduc…

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The ID Register: A More Efficient Universal Onboarding Platform

Thursday, July 13, 2017 | StepStone Global

StepStone's latest research, The ID Register: A More Efficient Universal Onboarding Platform, examines several initiatives that Private Markets have taken to reduce the cost and complexity inherent to the investor onboarding process. Standardization in financial services has been more successful when wide-spread adoption leads to greater efficiency and does not concentrate costs to any one group. More than diffusing costs, the ID Register is a powerful tool that benefits GPs and LPs alike.

- LPs spend less time performing tedious tasks by creating one profile that contains enough information to comply with anti-money launde…

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Who needs CRS reporting?

Thursday, April 13, 2017 | The ID Register

Any financial institution, resident in a Common Reporting Standard (CRS) participating jurisdiction* will be required to carry out the due diligence processes for identifying reportable accounts held by a participating jurisdiction person and to report certain financial information to its local tax authority.

In relation to new accounts opened after 1 January 2016, the financial institutions will generally be required to ask the person opening the account to certify their residence

For pre-existing accounts opened before 1 January 2016, the general requirement is for financial institutions to use the information they hav…

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What is the difference between CRS and FATCA?

Monday, March 13, 2017 | The ID Register

Despite the fact that the Common Reporting Standard (CRS) draws extensively on the Model 1 Intergovernmental Agreement (Model 1 IGA) approach of The Foreign Account Tax Compliance Act (FATCA), there are key differences that require specific onboarding, remediation, and reporting enhancements and processes. For example, the scope of CRS is broader than FATCA as it aims to identify tax residents in any of the 95-plus jurisdictions participating in CRS.

Furthermore, the account scope may be significantly greater than FATCA's because most thresholds applicable under FATCA are not applicable within CRS, and the categories of e…

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What others have to say The ID Register is nothing short of a revolution for the investor onboarding process in the private funds market. Jason Ment, Partner, Stepstone.
What others have to say The ID Register is able to combine data with multi jurisdictional reporting functionality for FATCA and CRS, delivering an efficient, cost effective package that will report the right information, at the right time, to the right jurisdictions. Tony Mancini, Tax Partner, KPMG.