International Business Reports - Enhancing KYB

The result of these checks must be recorded centrally and monitored regularly for any changes to ensure a clean and compliant position.

And while most AML specialists are able to run comprehensive checks on individual customers, many are not able to offer the same level of due diligence for corporates. This is because it can often be difficult to obtain the information, either because the way in which company data is recorded differs from country to country, or because the corporate structure is not clear, making it hard to ascertain who the ultimate beneficial owners (UBOs) are. This means that, for companies doing business with international corporate clients - there is no easy, or consistent method of finding all the information needed to run a comprehensive AML check.