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

White Paper Published By: Fiserv
Fiserv
Published:  Sep 14, 2017
Type:  White Paper
Length:  6 pages

Global anti-money laundering (AML) standards have long required that understanding beneficial ownership be a part of a financial
institution’s AML program. Beneficial ownership outlines the identity of individuals with a controlling interest in a privately held company, enabling a financial institution to understand the ultimate beneficiary of a financial transaction. Identifying beneficial ownership can be a complex process, but it’s one that institutions must conquer if they are to remain in compliance with industry rules and legislation.



Tags : 
anti-money laundering, aml, aml software, anti-money laundering software, beneficial ownership, risk management, aml requirements, complex ownership structures, financial action task force, fincen, financial crimes enforcement network, eu aml directive

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