Including UBO data. In the US, many companies aren’t currently under any federal obligation to identify the true beneficiaries of their operations and many states’ rules have enabled owners to obscure their identities through shell companies. Not understanding the true beneficial owners of companies is considered as one of the biggest weaknesses of the US’ AML safeguards.
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.
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Speakers: Nirvana Farhadi, RegTech Pioneer, RegTech Council, Chris Siddons, Senior Director, LexisNexis Risk Solutions