Increasing Transparency Around Company Ownership (UBO)
Understanding the beneficial ownership of companies has been a legal and regulatory requirement for many years and sits at the heart of financial crime risk mitigation strategies for regulated firms. This paper explores the challenges firms face to make sense of, and comply with, the differing international approaches to transparency around ultimate beneficial owners.
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Enhanced due diligence processes form part of a best-practice, risk-based approach as well as providing a critical framework during the anti-money laundering and know your customer on-boarding life cycle.