Regulations such as the EU 4th AML Directive and FinCEN Final CDD Rule soon will require institutions to know more about the ownership structures of companies with which they do business. Current processes make this a time-consuming and resource-intensive undertaking. Particularly challenging is the task of identifying true owners of entities with very complex ownership structures, many of which operate through offshore shell companies.
Many financial institutions rely on their customers to provide beneficial owner information, or they conduct manual research on each. Paul Doody, chief marketing officer at Innovative Systems said, "Feedback from our clients was that limitations of their existing manpower and infrastructure made it difficult to meet regulatory requirements, especially with high risk customers. They needed an efficient way to demonstrate that they'd done the checks rather than simply relied on the customer's word. FinScan's UBO solution allows them to stay in compliance without a massive investment."
FinScan's UBO solution streamlines customer onboarding and ongoing monitoring to expedite the KYC/CDD process. The accuracy of the information and screening technology allows companies to feel confident that they know exactly who they are dealing with and avoid accidental involvement with money laundering or other proceeds of crime.
The FinScan UBO solution allows organizations to:
- Automatically identify UBOs and screen them against watch lists
- Identify multi-layered ownership structures and global connections of private or public companies, including offshore entities
- Customize ownership thresholds according to the organization's risk appetite
- Integrate FinScan UBO with internal onboarding systems for safe and seamless account opening
- Capture all due diligence information under a single FinScan client profile, including KYC/ownership data and related documents
- Display a complete audit history of screening results, including all remediation efforts
- Significantly reduce time and resources spent on customer due diligence while efficiently complying with regulations and enhancing customer satisfaction
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SOURCE Innovative Systems, Inc.