The Panama and Paradise Papers, the Russian Laundromat and most recently, the FinCEN Files have exposed us to the sheer volume of illegitimate companies involved in financial crime. For regulated institutions, Know Your Customer (KYC) is a crucial tool for preventing financial crime and the hefty fines that come with it.
However, sometimes the KYC process isn’t as easy as it should be. When we can’t adequately identify the UBO structure of a company or the company registry information is sparse, how well can we really know our customers?
In this white paper, written in partnership with Kyckr, we discuss the economic and human impacts of financial crime, the barriers to company information including UBOs and how you can overcome the limitations of company registries to enhance KYC efficiency.