Beneficial ownership identification and verification is now an essential component of the client KYC onboarding and remediation process. It is at the heart of the latest raft of international AML/CTF sanctions and regulations, as well as tax compliance laws and standards.
Failure to comply with the new, stricter regime carries significant reputational and financial risk for both corporations and individuals. But while the penalties are clearly identifiable, peeling back the complex legal structures designed to conceal Ultimate Beneficial Ownership (UBO) represents a significant challenge. Even though the challenges might be overwhelming, data analytics is significantly easing the pain of beneficial ownership identification. By harnessing technology and exploiting on-demand, timely, accurate, and reliable data sources that pull together global corporate linkage on business entities and personal share ownership, organisations will be confident that they have achieved the single customer view they need to meet compliance challenges and mitigate reputational risk.
This guide will help you better understand beneficial ownership legal structures and their complexities. It will also demonstrate how data and analytics can help improve the speed and accuracy of UBO identification, in addition to offering wider organisational benefits from enhanced knowledge management to resource redeployment.
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