Beneficial owners are the cornerstone of the compliance process. A beneficial owner (or UBO for Ultimate Beneficial Owner) is the natural person who owns or controls, directly or indirectly, a legal entity.
Identifying beneficial owners involves a number of scattered data sources in both national and international jurisdictions. The identification of beneficial owners is a fundamental requirement of the EU Anti-Money Laundering Directive and of local anti-corruption laws. It is an integral part of the risk-based approach and is part of the Anti-Money Laundering (AML), Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. The AML Directive is supported by G20 initiatives to strengthen transparency and good corporate governance. The ultimate goal is to ensure confidence in companies operating in regulated markets.
Identifying beneficial owners contributes to the protection of corporate reputation. This goes hand in hand with examining abusive behaviour, such as corruption, sanctions, politically exposed persons (PEPs), ongoing legal proceedings and negative press coverage. Identifying beneficial owners can be a daunting task, involving many lines of enquiry, but also missing links and conflicting information which needs to be adjusted. Regulations now require the tracking of beneficial owner information, so compliance teams need to step up their efforts.
Given the lack of consistency in the approaches of different Member States, the varying levels of data availability and the complexity of the regulations (not to mention the opacity of corporate reporting structures), the question is how compliance professionals should go about identifying beneficial owners.
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For Altares, taking action against fraud is a real challenge for society. Every due diligence carried out means a crime avoided and companies and jobs saved. Each of us has a major societal role: to ensure that, on a daily basis, we act to reduce the vulnerability of our companies and administrations to criminals. In doing so, we will increase the confidence necessary for public and private investment, the strengthening of economic ecosystems and thus the integrity of our society.
Altares Compliance solutions address your compliance challenges in different ways via web, API or file access, and for different departments such as legal, compliance or procurement.
Altares Compliance solutions address your compliance challenges in a variety of ways via web, API or file-based access, and for different departments such as legal, compliance or procurement.
indueD facilitates your due diligence, for an optimised compliance of your business relations portfolio. Integrating the latest compliance regulations and thanks to dynamic data visualisation, indueD makes your compliance issues a reliable, simple and fast process. indueD is aimed at all sectors of activity exposed to compliance issues: banking & insurance, industry, distribution, etc., and more particularly at resource and purchasing departments.
Do you need quick access to official company documents ? You need to be sure of the origin of the document? It’s easy with inDoc!
Simply place your order, via the DUNS Number (or via a manual search) inDoc provides you with official company documents, by email, in less than 1 hour* in a large number of countries, facilitating your due diligence.
Altares – Dun & Bradstreet assists you in producing your reporting statements in accordance with the requirements of the European Central Bank.
With UBO Factory, access our database which lists all the beneficial owners (UBO / BE) and official statuses of 10 million French companies. Are you concerned by the 5th European Directive on the fight against money laundering and terrorist financing? You wish to carry out your Due Diligence? We collect information for you from official sources.
DUNS 4 LEI allows you to comply with MIFID II regulations by updating your LEI database. Precisely identify your counterparties thanks to an exclusive matching with the D-U-N-S Number.