What you need to know about UBO #6
When it comes to unravelling financial matters and discovering the Ultimate Beneficial Owner (UBO) of a company, many people imagine an endless paper and money trail, following it around the globe to various tax havens and obscurely named businesses – ultimately a nigh-impossible task of discovery and investigation. But as with many things, technology can help to make the process a much simpler and quicker one.
Digital onboarding, remote identity verification
We’ve reached a new frontier in banking – opening a bank account can now be done in under 20 minutes. This prospect, along with the simplification of many other financial processes, has become reality with the introduction of a variety of digital banks that are disrupting the traditional banking world.
Navigating a rocky road
Digital onboarding provides a plethora of benefits for businesses and customers. It facilitates wider accessibility with minimal geographical barriers, provides ease and convenience for customers, and generally increases the uptake of goods and services.
What You Need To Know About UBO: #4 The Lay of The Land
In an increasingly globalized world, cross-border ownership is fast becoming the norm, expedited by advancements in technology and an ever-evolving mobilized workforce. For the most part, cross-border ownership and corporate structures are completely above board. Companies seeking to maximise shareholder returns through growth, or vertical integration in their supply chains, acquire and merge with enterprises in different jurisdictions with comparative advantages.
WHAT YOU NEED TO KNOW ABOUT UBO #3: Multi-layered Corporate Structures
Compliance officers and regulators the world over are challenged with one ostensibly simple task. Identifying the Ultimate Beneficial Owner (UBO) of the organization they are vetting. To the uninitiated, pinpointing the people at the heart of a given company may seem like a clear-cut exercise. After all, companies need to be registered with the government in their relevant country or territory so surely it’s just a matter of finding the correct information, providing you have the right access.
WHAT YOU NEED TO KNOW ABOUT UBO #2: How Technology Reveals UBO
Dubbed the world’s most innovative industry, financial crime is opportunist, cunning and continually evolving. As criminal masterminds add to their crime toolkits, exploiting emerging technologies, digital and cyber currencies, and complex international ownership structures, it’s easy to think that following the money trail and uncovering those responsible is unachievable, or the domain of specialist detectives with government databases at their fingertips.