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UK quest for beneficial ownership gets easier with help from Alacra

Regulatory SaaS technology leader Opus announced today that Alacra, its Know Your Customer (KYC) and reference data platform, has integrated the beta version of the UK Companies House API into Alacra Compliance Enterprise (ACE). ACE, Alacra’s flagship KYC and onboarding service, leverages the new Companies House API to streamline the acquisition of due diligence documents for UK-domiciled firms.

The new Companies House API offers many advantages over previous methods to access critical UK company information, including the ability to search for data on multiple entities simultaneously. Previously, company registers of people were accessed via a website, and were limited to ‘one-at-a-time’ searches for companies and documents and did not allow for any automation.

Steve Goldstein, Vice Chairman of Opus, commented, “As the recent Panama Papers have highlighted, the need for diligence during KYC and client onboarding is increasingly important and the processes and requirements for this are becoming more burdensome all the time. Faster, better and smarter ways to access this critical information will provide tremendous benefits to our customers.”

ACE facilitates the gathering and analysis of client due diligence information, including identity verification, PEP status, adverse news, and beneficial ownership data into a simple, modular workflow. The resulting standardized process reduces costs, accelerates time to revenue and reduces errors while meeting global and local KYC regulatory requirements.

“Our next project is adding information about persons with significant control,” added Goldstein. “The UK’s Companies House is emerging as a leader in making beneficial ownership information available and we plan on integrating this data into ACE in the next few months. This will also be a big win for our customers.”