With the leak of the FinCEN files in September, the world was shocked by the evidence that over 200,000 suspicious transactions, valued at over US$2 trillion over the span of 18 years, had taken place. The official address of over 1000 UK-registered companies, with 100 being named in the exposed documents, is right here in the UK.
The FinCEN leaks have accelerated the need for company directors’ identity to be verified before their appointment – a step in the right direction. The implementation of the EU’s 5AMLD regulation meant that company registers were being mandated to hold and supply information related to the UBO of a company, but not all jurisdictions are governed by this.
Company registries aren’t all equal and there are many barriers to acquiring information. As many companies operate globally, this poses a big problem when there are accessibility, technological and data completeness issues across different jurisdictions. Having improved access and transparency of company information, especially UBO data, not only massively improves KYC processes but also puts up a barrier for AML activity.
We are pleased to join forces with the RegTech Associates to host this webinar. Join us on 3rd December and learn:
- what did the FinCEN files leaks tell us about company registry information?
- why is finding company registry data so difficult and how can technology help?
- why is company information important for AML purposes?