Challenges and Best Practices of PEP and Sanctions Screening, Part 3: Addressing the Beneficial Ownership Challenge
Highlighting the advanced capabilities of FinScan, Innovative's sanctions and PEP screening solution.
Screening Beneficial Owners of businesses has been a recommendation of worldwide regulatory and governmental agencies for some time. The latest FATF published recommendations, as well as new regulations published by FinCEN and the EU, have put increased emphasis on this issue as a significant risk of Money Laundering and Terrorist Financing. Addressing this issue is a major challenge for financial institutions, as they must be able to identify the beneficial owners, track changes of ownership, store the data, and continuously screen the individual names against Sanctions and PEP databases.
Specific topics include:
- Regulatory landscape related to Beneficial Owners
- Challenges of identifying and screening Beneficial Owners
- A practical approach to addressing these challenges
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