Globally, there has been an increasing focus on transparency in business, especially concerning company ownership. Having accurate and up-to-date information on corporate customers and their beneficial owners has never been more important.
Obliged entities continue to experience unprecedented volumes of regulatory change and complexity. Regulators such as the FATF and the EBA have recently strengthened their requirements on customer due diligence (CDD) measures, adding new guidance on the identification of beneficial owners.
In this whitepaper we explore:
- Recent regulatory updates and obligations regarding AML and UBO data
- Implications and solutions in the context of CDD and UBO obligations
- Corporate and personal liability following recent enforcement actions and regulatory updates