Understanding the risk that a financial counterparty represents to a financial institution is critical in deciding whether to continue to do business with an existing counterparty or to form a relationship with a new one. Having sight of the entities and individuals with an owning interest in a bank or financial institution (FI) is essential if they are to avoid dealing with sanctioned entities and comply with new regulations.
Today, Accuity, the leading provider of financial crime compliance solutions announced a new capability that will provide banks with details of legal entities and individuals who have an owning interest of 0.1% or more in a bank or financial institution (currently regulatory thresholds are at 10% or 25%). The Bankers Almanac Financial Counterparty Ownership with Ultimate Beneficial Ownership data enables firms to:
Identify the ultimate beneficial owners – individuals with an owning interest in a bank or financial institution
Map ownership structures, show percentage of ownership (to 0.1%) and highlight by country of interest
Visualise group structure, ownership and subsidiaries in graphs (see example)
Obtain certified proof of ownership documentation from banks
With this new capability, banks and financial institutions could save hours of research and manual mapping of ownership structures; a large task across their portfolio of global relationships. This not only brings great efficiency benefits but delivers significant cost savings, as a result.
Commenting on the product, Pat Hinchin, Senior Director, Product Management, Accuity, said: “Discovering who the ultimate beneficial owners of a bank are presents a real challenge for banks and financial institutions. Counterparty due diligence is mandated by the regulator, so having the right tools and data on hand to facilitate the process helps our customers. Now they can focus more of their energies on understanding the risks of a relationship rather than collecting the information.”
Tom Golding, EVP, Risk and Compliance, Product and Strategy, said: “Our clients tell us the KYC process is long and complex, with compliance officers monitoring information that changes on a daily basis. Their top concern is managing the potential risks of doing cross-border business where regulation and languages can be difficult to navigate. Accuity’s ultimate beneficial ownership data takes the complexity out of KYC and the unique mapping tool goes beyond regular referencing to set a new standard of best practice.”
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