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.
Regulations such as the EU AML Directive, FinCEN Final CDD Rule, OFAC 50% Rule, and FATCA require you to know the Beneficial Owners of your customers. Addressing this issue is a major challenge for financial institutions, as they must be able to identify and verify the Beneficial Owners, track changes of ownership, document the due diligence, and continuously screen against Sanctions, PEP and other high risk databases based on their risk-based approach.
How much is enough and how far do you need to go in your beneficial ownership due diligence?
How do you ensure efficiency in your due diligence processes without jeopardizing customer satisfaction and business competitiveness?
Specific topics include:
- Regulatory landscape related to Beneficial Owners
- Challenges of identifying and screening Beneficial Owners
- A practical approach to addressing these challenges and how to evaluate your options
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