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.
The EU AML Directive, FinCEN Final CDD Rule, OFAC 50% Rule, and FATCA are all examples of regulations requiring you to know the Beneficial Owners of your customers and understand their control structures. Further, you must conduct deeper due diligence if there is a reason to doubt the information provided to you by the customer. In some jurisdictions, you must also report any discrepancies between the data provided and that recorded in the Central Register, such as Companies House.
Addressing this issue can be a major challenge for financial institutions. 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 – and be ready to respond to any regulatory scrutiny and challenges on all of these topics.
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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