Today we publish a major piece of downloadable content, The definitive guide to beneficial ownership.
The compliance landscape is changing.
As technology improves, and regulations become tighter and more nuanced, we find ourselves leaving an era of box-checking to enter an age of rigorous, meaningful, data-driven due diligence.
And, though they're leading the way, it’s not just the regulated industries that are acting. Societal pressures, consumer expectations and an increasing sense that it's the right thing to do are leading to a rise in the amount and complexity of compliance work that non-regulated corporations are choosing to undertake.
This applies to few areas of compliance more than beneficial ownership.
To future-proof your third-party relationships and protect your reputation, not to mention comply with the relevant laws and regulations, you need to stay on top of who your clients', suppliers' and business partners' beneficial owners are if you have any sort of ongoing relationship with them.
- But what do we mean by "beneficial ownership"?
- Why is it so important?
- And how do we build the processes to keep track of it?
This guide answers these questions for an audience of practitioners working in the worlds of anti-money laundering (AML), know your customer (KYC) compliance and enhanced due diligence (EDD).
Regulatory and technological developments have rocketed in recent years, so it also serves as a refresher course.
- What beneficial ownership is and the areas of compliance it applies to;
- Recent regulatory developments and other drivers that have brought it into the spotlight, such as FinCEN's CDD Final Rule and the EU's fourth anti-money laundering directive; and
- The technology and methods you can use to explore beneficial ownership and keep up with constant ownership change.
We finish with a summary of the results of the polling questions we asked a large, diverse sample group at a recent webinar on beneficial ownership, which indicate how seriously compliance professionals are treating the issue of beneficial ownership.