Empowering Tyrer Webster to meet the requirements of ‘The Code’ with simple and secure identity verification.
In this case study we’ll unpack how Tyrer Webster streamlined their processes to meet regulatory requirements with help of SQR’s eKYC solution.
Isle of Man based organisation Tyrer Webster offers a range of bespoke corporate and trust management services, along with professional tax advice for individuals and corporates. Their hands-on approach and ability to adapt services according to specific client needs, have been a key ingredient to Tyrer Webster’s remarkable reputation. Needless to say, integrity and client confidentiality are of utmost importance to the organisation.
The challenge:
Tyrer Webster found the traditional, client onboarding procedure time consuming and an inconvenience to its clients.The need for physical presence, document submission and significant notary costs became a cumbersome experience. Separate to this, ensuring the authenticity and verification of identity documents, as well as the ongoing monitoring thereof were only a few of their challenges.
Meeting regulatory requirements, especially within the corporate and trust management sector posed even more significant challenges for Tyrer Webster. The need for continuous monitoring against Politically Exposed Persons (PEPs) and Sanctions lists, along with undertaking regular adverse media checks, added further complexity to the already complex compliance landscape.
It was therefore imperative for Tyrer Webster to find a simple solution to streamline their processes and procedures, whilst meeting the stringent requirements of industry codes and regulation.
As a UK Government approved digital identity provider, under the Digital Identity and Attributes Trust Framework (DIATF) SQR emerged as the perfect partner to address these challenges.
The SQR solution:
Tyrer Webster found their solution in SQR’s eKYC platform. This digital identity platform makes use of trusted biometric technology to securely validate and verify personal identity information, eliminating the need for manual document checks and significantly reducing the risk of fraud.
Compliance managers at Tyrer Webster were provided with a centralised and intuitive dashboard which allows for real-time access to KYC and AML data, including document verification information. This secure system was designed with compliance professionals in mind and further allows the team daily PEP, sanctions and adverse media screening and monitoring features, eliminating the need for extensive paperwork.
Streamlining this onboarding process with SQR proved cost effective and even reduced Tyrer Webster’s reliance on notary services, as their clients are now able to conveniently and securely create a reusable SQR account and manage their digital identity. This eKYC tool provided an effective and simple solution for Tyrer Webster, with the assurance that clients using the SQR platform are indeed who they claim to be.
Through innovation and collaboration with SQR, Tyrer Webster streamlined their onboarding processes and were able to address their traditional identity verification challenge, whilst meeting the stringent requirements of industry codes and regulation.
A quick overview:
SQR offered a comprehensive eKYC solution to Tyrer Webster, significantly reducing the organisation’s reliability on notary services. The remote digital identification process eliminated the need for physical presence and extensive paperwork.
- The comprehensive compliance dashboard facilitated real time access to KYC and AML data, including document verification information.
- Clients are able to create a reusable SQR account and experience a frictionless onboarding process.
- SQR’s innovative biometric technology gives assurance that clients are who they claim to be.
The outcome:
Implementing SQR’s eKYC dashboard has empowered Tyrer Webster Limited to overcome its client onboarding and monitoring challenges. The integration of cutting-edge technologies and commitment to data security has positioned SQR as a valuable partner in Tyrer Webster’s pursuit of excellence in client identification, ongoing monitoring and meeting regulatory requirements.
Interested in finding out more?
Get in touch with the SQR team if you’d like to know more about the eKYC platform by visiting www.sqr-group.com or email hello@sqr-group.com.
If you’d like to know more about Tyrer Webster’s services, please visit www.tyrerwebster.com or email gary@tyrerwebster.com
