White Paper: Lifting the Veil – Why Understanding Beneficial Ownership Is Now Essential for AML Compliance

With new guidance from the Financial Action Task Force on Money Laundering (FATF) and specific local legislation and rules from the likes of the U.S. Financial Crimes Enforcement Network (FinCEN) beneficial ownership has grown as a hot topic for AML compliance professionals globally.

In fact, with the introduction of the Fourth EU AML Directive, EU members will be required to keep central registers where companies subject to AML regulation must contribute information on beneficial ownership of their clients and related entities. Understanding beneficial ownership is also critical to support the detection of tax evasion and for compliance with legislation such as the U.S. Foreign Account Tax Compliance Act (FATCA), which impacts many financial institutions and countries around the world.

Yet identifying complex ownership structures is not easy. Download this paper to further understand some of the layers of complexity that are involved, and the sophisticated risk management measures you need to be preparing for to comply with the increasing demands of the regulators.



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