The consequences of not adequately checking or understanding who you are doing business with are more wide-ranging than just the impact of a bank failing in its AML obligations and incurring fines and reputational damage. Real economic harm and human suffering are the societal impacts of the criminal activities facilitated by money laundering.
This is at the heart of why banks and other regulated businesses must do all they can to understand who their customers are, e.g. the companies, and the ultimate beneficial owners.
In this white paper we discuss the economic and human impacts of financial crime, the barriers to company information including UBOs and how you can overcome the limitations of company registries to enhance KYC efficiency.
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