The FinCEN leaks demonstrated the urgent need for improved access and transparency of company information, 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.
Watch our replay and learn:
- What are the regulatory requirements in the US when it comes to KYC?
- What are the main challenges associated with US company 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
- Will the new requirements for ownership disclosures, part of National Defense Authorization Act, help prevent the use of shell companies for illicit finance?
Speakers: Nirvana Farhadi, RegTech Pioneer, RegTech Council, Chris Siddons, Senior Director, LexisNexis Risk Solutions