While the lack of corporate transparency in offshore jurisdictions undoubtedly poses a substantial KYC and due diligence challenge, not all offshores are as opaque as they may seem.
There are several offshore jurisdictions, such as Cyprus, Malta, with easily accessible corporate registries that store all the necessary details for KYC, CDD and a compliant customer onboarding.
While many offshore jurisdictions provide transparent corporate data, there are still some countries, such as the British Virgin Islands, Cayman Islands and Seychelles, that provide little to no public information. Despite the obvious challenges, there are a few techniques compliance professionals can utilise to uncover the required information on offshore firms.
Watch our webinar replay to learn:
- What are the regulatory requirements in some of the well-known offshore jurisdictions when it comes to KYC?
- What are the main challenges associated with carrying out KYC and due diligence when a company is registered offshore?
- What techniques can compliance professionals use to gather the essential information on offshore firms and expose illicit financial activities?
- Can technology help with finding the required information?
Panellists: Corey Reason, SVP – Head of Compliance & MLRO, Clarien Bank Limited, Lucy Frew, Partner, Walkers Global, Annette Perales, Head of AML/CFT Supervision , Gibraltar Financial Services Commission
Moderator: Myles McLaren, Head of Partnerships, Kyckr
