UBO Register AML
What is a UBO register?
UBO registers will assist in preserving trust in the integrity of business transactions and the financial system by allowing public access to beneficial ownership information, which allows greater scrutiny of information by civil society, the press, or organizations.
The registry is frequently kept up to date by the company owner and is subject to fines if not accurately and timely executed. The authorities might strike the companies from the official publications in case of intentional misuse. In certain cases the consultation is open to the public.
Why must financial institutions verify UBOs?
In Europe, UBO verification through a registry was implemented in the AMLD4 and transposed into national laws of Member States.
How can Pideeco help you with UBO Register AML?
Pideeco’s decade-long experience in the financial sector and compliance can help your company to:- Advise on accessing the Belgian UBO registry.
- Analyze your current UBO verification process and create a gap analysis along with a mitigating action plan.
- Draft or improve your current policies and procedures concerning UBO verification.
- Verify UBOs on your behalf.
- Perform a lookback on UBOs that are clients of your company.
- Assist you in the escalation process to the government if discrepancies occur.
Let us know how we can help! We'll get back to you lightning quick!
You'd rather talk face to face? Complete the form and schedule a meeting
The Risk-Based Approach (RBA) is a methodology for prioritizing a company'...
Continuous business monitoring and reporting can save time and resources while improv...
What are policies and procedures?Policies and procedures are the backbone of a compan...
The integrity of a company is important and can be strengthened by having well-define...
No matter the area, accidents are sometimes inevitable. Effective procedures followin...
Most financial institutions agree that we live in an ever more complex regulatory lan...
What is a Compliance Risk Assessment?A Compliance Risk Assessment (CRA) is the identi...
Compliance, with the applicable legal framework, depends on the action plan t...
The financial crisis of 2008 led the European Union to adopt new rules to inc...
What is benchmark regulation?Following the Libor (London Inter-bank Offered Rate) sca...
Good corporate governance is essential to support business growth. Good governance pr...
Adverse media, or negative news, screening is an essential process for financial inst...
In many nations, it is necessary to identify UBOs (Ultimate Beneficial Owners) to com...
We'll present you the technology to stop money laundering and terrorist financing
Central Compliance is the organization of all the compliance monitoring and controlling the professional activities of a given business or company thr...
Return to central compliance
In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers have shown how the rich and powerful use tax havens to hide their wealth. Big companies such as UBS and ABN AMRO are suspected of not complying with AML ...
Read more Author What else ?