The EU AML Directive, Anti-Money Laundering Act of 2020 (AMLA), FinCEN Final CDD Rule, OFAC 50% Rule, and FATCA are all examples of regulations requiring you to know the Beneficial Owners of your customers and understand their control structures. Further, the role of the compliance officer has dramatically transformed over the last decade from viewing plain alerts and matches of your customers against sanctions data to a more involved investigative approach.
Evolving sanctions regimes and the unfolding of new information such as the recent revelations of the Pandora Papers require you to conduct deeper due diligence and detect complex subsidiary and joint venture relationships of your individual and entity customers. In some jurisdictions, you must also report any discrepancies you uncover during your investigation between the data provided and that recorded in the Central Register, such as Companies House.
Addressing this issue can be a major challenge for financial institutions. They must be able to identify and verify the Beneficial Owners, track changes of ownership, document the due diligence, and continuously screen against Sanctions, PEP and other high risk databases – and be ready to respond to any regulatory scrutiny and challenges on all of these topics.
How much is enough and how far do you need to go in your beneficial ownership due diligence?
How do you ensure efficiency in your due diligence processes without jeopardizing customer satisfaction and business competitiveness?
Specific topics include:
- The regulatory landscape related to Beneficial Owners
- Challenges of identifying and screening Beneficial Owners
- A practical approach to addressing these challenges and how to evaluate your options
Watch this webinar to learn how to better manage the regulatory requirements for Beneficial Owners information to help your organization comply with the latest regulations and reduce risk.
Head of Technical Solutions