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Beneficiary

Who is a Beneficiary and what is their role in AML and Digital Compliance?
Phil Cotter

Phil Cotter

Feb 13, 2025

A beneficiary refers to an individual or entity that ultimately receives the funds, assets or benefits from a financial transaction or arrangement. Identifying beneficiaries is an important aspect of AML processes and is essential for conducting due diligence and assessing potential risks associated with financial transactions. It helps understand the purpose and legitimacy of the transaction and assists in detecting any connections to money laundering, terrorist financing or other illicit activities.

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Phil Cotter

Phil Cotter

Phil Cotter is Chief Executive Officer at SmartSearch, bringing extensive leadership experience across compliance, risk, and financial intelligence. Having held senior roles at global organisations including LSEG, Refinitiv, Thomson Reuters, and Experian, Phil offers a strategic perspective on how regulatory change and technology are reshaping the compliance landscape.

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