Firms in the UK face the challenge of balancing stringent AML compliance requirements with efficient client onboarding processes. By adopting a risk-based approach and leveraging automated technologies, firms can streamline due diligence and monitoring efforts, improving both regulatory adherence and operational efficiency. … Read More
AML
How to unravel complex corporate structures and unveil the truth behind international entities
Unraveling complex corporate structures and identifying Ultimate Beneficial Owners (UBOs) is a significant challenge for compliance teams in the UK lending industry, especially with international entities. Technology can simplify this process by providing global data coverage, clear corporate relationship mapping, and real-time UBO verification, streamlining due diligence and ensuring regulatory compliance. … Read More
6 ways to continuously improve your KYB compliance processes
Continuous improvement of KYB practices not only ensures adherence to evolving regulations but also empowers firms to stay ahead of emerging risks, ultimately fostering trust with clients and stakeholders. … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
Complying with Know Your Business (KYB) regulations for legal firms is both a statutory requirement and a strategic imperative to prevent fraud and money laundering. This includes a thorough understanding of KYB requirements, implementing robust customer due diligence processes, and establishing effective beneficial ownership identification. … Read More
How KYB compliance can give your firm a competitive edge
For legal firms, Know Your Business (KYB) compliance is often seen as a regulatory burden, yet it holds the potential to be a powerful enabler for growth and competitive advantage. With increasing regulatory scrutiny, a robust KYB framework not only safeguards reputations but also attracts discerning clients and opens doors to new markets requiring stringent compliance measures. … Read More
Tackling the most common KYB challenges in legal firms
KYB is not without challenges. Legal firms often face complexities in identifying UBOs hidden within complex ownership structures, especially with multinational corporations. Client onboarding and managing high volumes of client information can be resource-intensive, and international clients add layers of complexity due to jurisdictional variances and data access issues. … Read More
Maximising efficiency: The KYB process explained
Automating the KYB process offers a transformative solution for organisations looking to streamline operations and enhance their due diligence efforts. By embracing automation, businesses can not only save time and reduce human error but also scale their operations effectively while maintaining the quality of their compliance efforts. … Read More
Changpeng Zhao’s Sentencing: AML Compliance Challenges For Crypto
Changpeng Zhao, the founder and former CEO of Binance, was sentenced to just four months in prison after pleading guilty to money laundering charges tied to actions taken the previous year. This ruling marks a significant moment in the cryptocurrency world, as Zhao becomes the second high-profile crypto executive to face legal consequences. … Read More
Understanding the vital role of AML training in regulated firms
As regulatory scrutiny intensifies in the UK, the implementation of robust AML measures has become more crucial than ever. Central to this is effective AML training, which empowers employees across regulated firms with the knowledge and skills needed to identify, prevent, and report instances of money laundering and related financial crimes. … Read More
Wired-In webinar: AI in Payments – Security and User Experience
In our latest Wired-In webinar, SEON’s CEO, Tamas Kadar, assessed the ripple effect of AI in payments, highlighting dynamic challenges and opportunities to achieve transformative change. … Read More