Gain a comprehensive understanding of risk and compliance with our guide. Learn how to navigate regulatory requirements and mitigate risk effectively. … Read More
Author Archives: Lauren Davison
How to verify Ultimate Beneficial Owners (UBOs)
UBO stands for Ultimate Beneficial Owner. It refers to the person (or persons) who ultimately owns or controls a company or legal entity. The UBO is the individual who enjoys the benefits of ownership, such as receiving profits or exercising … Read More
What is financial crime?
In today’s interconnected world, the risk of financial crime is greater than ever. But what exactly is financial crime?
From money laundering to fraud, to cybercrime, these illegal practices pose significant threats to economies and societies worldwide. In this blog, we delve into the murky depths of financial crime, exploring its various forms and the measures in place to combat them. … Read More
What is Beneficial Ownership?
In today’s complex economy, maintaining transparency and accountability in business transactions is crucial. One significant aspect of achieving these goals is through the concept of beneficial ownership. Beneficial ownership is a fundamental principle that allows for the identification of the … Read More
Anti-money laundering regulations across the world
Money laundering is a serious crime involving the disguising of proceeds of illegal activity as legitimate funds. To prevent this criminal activity, many countries have implemented anti-money laundering (AML) regulations to detect and prevent money laundering by identifying and reporting … Read More
What is KYC due diligence?
Know Your Customer (KYC) is the essential requirement for regulated businesses and financial institutions to verify a customer’s identity when onboarding or opening an account for example. Customer Due Diligence (CDD) entails conducting background checks along with identifying a business’ … Read More
How automated KYB checks can help mitigate risk in your business
Customers are not only individuals, but businesses too. Anti-money laundering regulations instruct organisations to monitor and protect against suspicious activity. The main focus of the checks undertaken is to establish the identity and ownership of the company being dealt with, … Read More
The benefits of automated ID document verification for KYC compliance
ID verification is an essential part of the KYC (Know Your Customer) requirements. When overlooked, organisations can face increased exposure to risk, lower productivity, and slower time to revenue. Automated onboarding has continued to gain popularity over the past few … Read More
KYC delays slowing customer onboarding; new research find 1 in 5 checks take more than 24 hours
A recent survey undertaken by NorthRow, the leading Know Your Customer/Business (KYC/B) and Identity & Verification (ID&V) platform, has revealed that one in five Know Your Customer onboarding checks takes over 24 hours to complete. The survey invited compliance professionals … Read More
Working with Politically Exposed Persons (PEPs)
A Politically Exposed Person (PEP) is an individual who may have been entrusted with a high-position by a community institution, an international body or state, within the last 12 months. … Read More