- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-09-16T14:30:00
Determining the ultimate beneficial owner (UBO) of individuals and companies your firm does business with can be a tricky thing.
Find out too little about your customers and counterparties, and your firm unknowingly could be partnering with sanctioned individuals, terrorist groups, or money launderers. Tasking a compliance department to ferret out who is behind every bank account and shell company in your firm’s network, though, is impossible using manual processes.
So, where is the sweet spot on understanding the UBO of the entities your firm does business with? And what technology is available to get you there?
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2023-03-29T18:38:00Z By Aaron Nicodemus
The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.
2023-01-23T20:08:00Z By Adrianne Appel
The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
2022-11-29T18:17:00Z By Neil Hodge
Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.
2025-03-10T20:56:00Z By Adrianne Appel
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
2025-01-08T17:13:00Z By Jeff Dale
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
2024-12-30T14:57:00Z By Aaron Nicodemus
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
Site powered by Webvision Cloud