In recent years, there has been a flurry of changes made to Anti-Money Laundering (AML) regulatory requirements across the globe related to customer identification and company ownership disclosures to strengthen the fight against financial crime.
UBO registers are intended to reveal the natural persons who have ultimate control over an entity, whether that control is direct or indirect. Effectively implementing a UBO register, therefore, enables a more efficient and reliable Know Your Customer (KYC) process for regulated firms serving institutional clients.
Unfortunately, the reality is that there is huge variability in the completeness of that data across registries, both in terms of the types of data that are available and whether that is available for all companies.
Watch our webinar replay and learn:
- What are the main regulations that enforce the need for establishing UBOs as part of the KYC process?
- What are the main challenges associated with UBO registries and how technology can help finding the required information?
- How having improved access and transparency of company information, especially UBO data, can enhance KYC processes?
Graham Barrow, Director, The Dark Money Files
Sam Bourton, Lecturer of Law, UWE