White Paper: Transaction Surveillance
As the overall landscape of the finance and trade world markets continue to evolve, the need for constant monitoring of individual activity has become increasingly necessary. It has been said that information is the most valuable commodity for a business. This statement is extremely important for financial institutions.
White Paper: FinCEN Final Rule
Until recently, financial institutions did not have clear guidelines as to the requirements of identifying beneficial owners of legal entity customers. This gap enabled criminals and suspicious characters the ability to keep their proceeds hidden in the financial system. This lack of information makes it difficult for institutions to accurately assess levels of risk, as these individuals were able to hide illegal proceeds under layers of ownership. The unclear framework also created an uneven playing field across and within financial sectors, with disparities in customer identification practices. However, recent events have brought to the spotlight the implications of having limited or minimal information on beneficial owners of an account.