Are you struggling with the challenge of identifying the real owners behind your customers or parties you do business with? Identifying the ultimate beneficial owners (UBOs) of an entity is essential for ensuring anti-money laundering (AML) and anti-bribery and corruption (ABC) compliance, but it isn’t easy. Business ownership information is fragmented, stored in different forms and locations, and often difficult to find. Each jurisdiction has its own method for defining and recording ownership and complex corporate structures, often deliberately making it difficult to identify the real owners.
This past year, the Financial Crimes Enforcement Network (FinCEN) recognized the criticality of this step in knowing your customer and issued new rules on customer due diligence, adding obligations for banks to ensure that they know who their actual customer is behind opaque ownership structures.
In response, as part of its AML Illustrated series, OCEG has worked with experts from encompass and Refinitiv to develop an Illustration and articles outlining the key steps in identifying ultimate beneficial owners and demonstrates how technology can help to cut through the morass with speed, safety and a uniform approach.
Download your own copy here and visit www.oceg.org for more information on designing and managing an effective AML program.
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