Image source: SQR
The Isle of Man Government is preparing to launch a digital verification service for its Central Registry of company beneficial owners.
It has awarded locally based company SQR a five-year contract in partnership with software development and digital transformation firm PDMS to provide the service.
SQR said the solution involves the use of an independent platform that will provide assurance that beneficial owners are who they claim to be by validating data held on the registry and is due to come into use this month.
The platform has been certified on the UK Government’s Digital Identity and Attributes Framework.
Beneficial owners required to verify their identity will be alerted via email and carry out the verification through providing an official photo ID and taking a new photo of themselves. After completing the process they are issued with a reusable digital identity which – with user consent – can be securely shared with other SQR partner organisations to ease onboarding for regulated services.
Innovative solution
Ann Corlett MHK, political member for Digital Isle of man at the Department for Enterprise, said: “It is encouraging to see SQR's innovative digital identity solution, which won the Isle of Man FinTech Innovation Challenge last year, now being implemented with the Central Registry.
“This partnership with the Central Registry is a testament to the talent and forward-thinking capabilities of our local businesses. Digital Isle of Man is proud to support initiatives like these, which not only enhance our technological landscape but also reinforce our commitment to maintaining the Island’s reputation as a leading, responsible jurisdiction in the global digital economy.”
SQR’s CEO, Shelley Langan-Newton, commented: “Helping to deter criminal activity through verified company ownership is part of the global movement towards the highest standards of corporate governance, and we are very proud the Isle of Man Government and its Central Registry have awarded SQR this contract.”
