kompany is set to launch a new tool to help organisations meet ultimate beneficial ownership information requirements.
The 4th and upcoming 5th AMLD (Anti-Money Laundering Directive) are tightening beneficial ownership rules facing the industry.
Institutions now need accurate and up-to-date information about beneficial owners as it is a vital factor in tracing criminals and is an essential component of your anti-money laundering and customer due diligence activities.
However, this information can be difficult to source due to challenges associated with multiple levels of ownership, different jurisdictions holding different types of corporations, lack of supporting documentation, and a lack of resources to conduct research.
With these challenges in mind kompany is set to launch UBOdiscovery, which will be previewed on the 30th of October in London with its CEO Russell E. Perry.
“Seeing through the fog of corporate ownership is resource intensive and costly. By using live data from commercial registers all over the world, kompany is the only RegTech platform that provides an instant, real-time ultimate beneficial ownership discovery. AI can match entities and automatically generate the ownership tree to discover UBO’s,” the company said.
To test the UBOdiscovery tool prior to its launch and to join this exclusive event on the 30th of October in London, please RSVP to russell@kompany.com.
Headquartered in Vienna, Austria, kompany provides audit-proof, real-time and global Know Your Customer (KYC) services to financial institutions and international corporates.
Its RegTech platform helps companies to reduce their business KYC costs and risk exposure, audit-proof their KYC processes whilst exceeding current AML & KYB global regulatory requirements and serve their business customers more quickly through same-day onboarding.
With up to a 50% KYC reduction in total costs through instant access to relevant company information, it claims client on-boarding can be reduced from months to days by fully or partly automating manual processes. Information comes directly from primary sources and is time-stamped, which means its data integrity is guaranteed.
In a recent interview with RegTech Analyst, Russell E. Perry said: RegTech is about bringing clarity to compliance but there is a lack of transparency between the sector and regulators.
“You have some really good tech and some really good solutions but it’s very fragmented. You won’t find many RegTechs generating seven-figure revenues, but they have some really good tech. I have discussed this with investors and private equity firms and most are expecting this to consolidate. Everyone wants to see a group of RegTech solutions provided as a suite of services which can then be built into a platform.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
