{"id":27027,"date":"2023-01-25T05:44:41","date_gmt":"2023-01-25T05:44:41","guid":{"rendered":"https:\/\/www.trulioo.com\/?page_id=27027"},"modified":"2023-11-08T18:34:43","modified_gmt":"2023-11-08T18:34:43","slug":"aml-kyc-kyb","status":"publish","type":"page","link":"https:\/\/www.trulioo.com\/industries\/banking-identity-verification\/aml-kyc-kyb","title":{"rendered":"Banking AML and KYC"},"content":{"rendered":"\n<div class=\"bg-green-500\">\n    <div class=\"section\">\n        <h1 class=\"h2 lg:h1 mt-[180px] mb-[100px] text-green-900\" >What are AML and KYC Requirements for Banking and Why Do They Matter?<\/h1>\n            <\/div>\n<\/div>\n\n\n\n<div\n    class=\"section mb-16\"\n    x-data=\"{ current: 0 }\"\n>\n\t<article class=\"relative lg:grid lg:grid-cols-4 lg:gap-10\">\n\t\t<div class=\"mt-12 lg:mt-24\">\n\t\t\t<aside class=\"lg:sticky lg:top-24 lg:bg-white\">\n\t\t\t\t<p class=\"p-lg subheading text-black mb-10\">\n\t\t\t\tJump to:\t\t\t\t<\/p>\n\t\t\t\t                                                <a\n                                                        href=\"#understanding-banking-aml-and-kyc-requirements\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 0) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Understanding Banking AML and KYC Requirements                                                 <\/a>\n                                                                                        <a\n                                                        href=\"#why-does-the-banking-industry-need-kyc-and-aml-compliance\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 1) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Why Does the Banking Industry Need KYC and AML Compliance?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-is-kyb-and-why-does-it-matter-in-banking\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 2) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Is KYB and Why Does It Matter in Banking?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-are-ubos-and-how-can-financial-institutions-identify-them\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 3) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Are UBOs and How Can Financial Institutions Identify Them?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#deploying-robust-and-scalable-bank-aml-and-kyc-solutions\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 4) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Deploying Robust and Scalable Bank AML and KYC Solutions                                                <\/a>\n                                        \t\t\t<\/aside>\n\t\t<\/div>\n                <div\n                    class=\"lg:col-span-3\"\n                    x-data=\"{ count: 5 }\"\n                    x-init=\"document.addEventListener('scrollspy:ready', function() {\n                        let debounce;\n\n                        register_scroller($el, function() {},\n                            function(scroller) {\n                                \/\/ Prevent slowdowns by debouncing to 50ms\n                                const now = performance.now();\n                                if (now - debounce < 50) return false;\n                                debounce = now;\n\n                                \/\/ Each scroll event, determine which section is nearest to the top of the viewport\n                                let closest = { value: 99999, index: 4 };\n                                for (let i = 0; i < 5; i++) {\n                                    \/\/ If the sticky anchor is visible, determine if it is closer than prior anchors\n                                    const rect = $refs['sticky_' + i].getBoundingClientRect();\n                                    if (rect.top &gt;= 0 &#038;&#038; closest.value &gt; rect.top) {\n                                        closest = { value: rect.top, index: i };\n                                    }\n                                }\n                                \/\/ Update the visible image accordingly, and return false to keep the event listener enabled\n                                current = closest.index;\n                                return false;\n                            },\n                        )\n                    })\"\n                >\n\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_0\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='understanding-banking-aml-and-kyc-requirements' >Understanding Banking AML and KYC Requirements <\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations is a critical component of banking operations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A financial institution\u2019s efficiency achieving AML and KYC compliance influences its ability to quickly onboard customers. The<\/span><a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/winning-corporate-clients-with-great-onboarding#:~:text=average%20onboarding%20process%20for%20a%20new%20corporate%20client%20can%20take%20up%20to%20100%20days\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> average onboarding process<\/span><\/a><span style=\"font-weight: 400;\"> for a new corporate client can take up to 100 days, and more than 40% of that time is spent on KYC due diligence and account opening.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inefficient AML and KYC processes can lead to frustrated customers, lost business and sanctions or fines for noncompliance. When customer onboarding and ongoing monitoring are smooth, financial institutions can build consumer trust and expand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.trulioo.com\/blog\/customer-onboarding\/digital-onboarding-process#:~:text=What%20is%20digital%20onboarding%20in%20banking%3F\">Customer onboarding<\/a> is crucial because it sets the tone for the business relationship. A slow, cumbersome process can sour the relationship and even lead to customer abandonment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A clear understanding of what to collect and why can lead to smooth processes that take into account the customer&#8217;s point of view.<\/span><\/p>\n<div class=\"relative overflow-hidden w-full aspect-[16\/9]\"><iframe loading=\"lazy\" class=\"absolute\" src=\"https:\/\/player.vimeo.com\/video\/722722905?h=1c1434e794\" width=\"100%\" height=\"100%\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_1\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='why-does-the-banking-industry-need-kyc-and-aml-compliance' >Why Does the Banking Industry Need KYC and AML Compliance?<\/h3>\t\t\t\t\t\t<p><a href=\"https:\/\/www.trulioo.com\/blog\/banking\/aml-banking\"><span style=\"font-weight: 400;\">AML<\/span><\/a><span style=\"font-weight: 400;\"> processes are fundamental requirements in banking. Almost every country has strict AML regulations, with noncompliance leading to fines, sanctions and the risk of reputational damage.<\/span><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/aml-compliance\"><span style=\"font-weight: 400;\">Robust AML<\/span><\/a><span style=\"font-weight: 400;\"> procedures often include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clear, up-to-date written policies\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A designated compliance officer with the power to influence the company\u2019s actions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proper training so employees understand the company\u2019s policies and procedures<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Periodic reviews to keep the program tested and current<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.trulioo.com\/blog\/kyc\">KYC<\/a> is a critical function in banking and a requirement in complying with AML laws. It involves verifying a customer\u2019s identity, financial activities and risk level.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">KYC requirements during account opening vary based on local regulations, but they often include collecting and verifying identity information such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Birthdate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identification number<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Identity verification can include validating documents or using other methods, such as comparing a potential customer\u2019s information with data from consumer reporting agencies or other sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once an identity is verified, financial institutions can perform additional due diligence to understand the nature of a potential customer\u2019s financial activities. The due diligence steps financial institutions take depend on their <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/risk-based-approach\"><span style=\"font-weight: 400;\">risk-based approach<\/span><\/a><span style=\"font-weight: 400;\"> to verification, which is influenced by factors such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The types of accounts offered by the bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The bank\u2019s methods of opening accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The types of identifying information available<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The bank\u2019s size, location and customer base, including the types of products and services used by customers in different locations<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.trulioo.com\/solutions\/aml-watchlist-screening\"><span style=\"font-weight: 400;\">Watchlist screening<\/span><\/a><span style=\"font-weight: 400;\"> also plays a crucial role in onboarding by checking if a potential customer is on a <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/sanctions-pep-screening\"><span style=\"font-weight: 400;\">sanctions list<\/span><\/a><span style=\"font-weight: 400;\"> or<\/span><span style=\"font-weight: 400;\"> politically exposed<\/span><span style=\"font-weight: 400;\">. Those checks help financial institutions determine the risk of performing financial activities with people or businesses.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/challenger-banks\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-koho-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-koho-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-koho-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Banking Case Study<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Meeting Compliance With Ease<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn about KOHO and its need for a robust identity verification solution with bank-grade compliance capabilities and no room for error.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_2\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-is-kyb-and-why-does-it-matter-in-banking' >What Is KYB and Why Does It Matter in Banking?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Just as banks perform KYC on people, they need to perform <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/know-your-business\"><span style=\"font-weight: 400;\">Know Your Business<\/span><\/a><span style=\"font-weight: 400;\"> (KYB) procedures for corporate customers. KYB entails knowing a business\u2019s identity, its financial activities and the risk it poses.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">KYB requires regulated entities verify a company\u2019s:<\/span><\/p>\n \n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business registration number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operational status<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key management personnel<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incorporation date<\/span><\/li>\n<\/ul>\n \n<p><span style=\"font-weight: 400;\">Depending on the risk assessment, further <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/enhanced-due-diligence\"><span style=\"font-weight: 400;\">enhanced due diligence<\/span><\/a><span style=\"font-weight: 400;\"> (EDD) might be necessary. EDD involves collecting additional information for higher-risk customers to gain a deeper understanding of their financial activity.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Some countries require regulated entities have proper risk assessment and control procedures. Others outline the circumstances when EDD is necessary.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Factors to consider for EDD include:<\/span><\/p>\n \n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business location<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nature of the business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purpose of the business transactions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expected pattern of activity in terms of transaction types, amount and frequency<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expected payment origination and method\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Articles of incorporation, partnership agreements and business certificates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understanding the business customer\u2019s customers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identification of ultimate beneficial owners (UBOs) of an account or business customer<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Details of other personal and business relationships the customer maintains<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Approximate annual sales<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">AML policies and procedures the customer has in place<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Third-party documentation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Local market reputation through review of media sources<\/span><\/li>\n<\/ul>\n \n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/who-are-you-doing-business-with\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-commerce-business-verification-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-commerce-business-verification-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-commerce-business-verification-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the White Paper<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Unlock Global Digital Commerce With Business Verification<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Discover the importance of verifying businesses and how advancements in digital technologies and virtual data sets can assist in solving verification challenges.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_3\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-are-ubos-and-how-can-financial-institutions-identify-them' >What Are UBOs and How Can Financial Institutions Identify Them?<\/h3>\t\t\t\t\t\t<p><a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/ubo\"><span style=\"font-weight: 400;\">The UBO<\/span><\/a><span style=\"font-weight: 400;\"> owns or controls a business or legal entity. Understanding who UBOs are and the risks they pose is a critical part of EDD and can help financial institutions achieve regulatory compliance and enhanced security.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">The definition of a UBO varies by country. The U.S. Financial Crimes Enforcement Network <\/span><a href=\"https:\/\/www.fincen.gov\/beneficial-ownership-information-reporting-rule-fact-sheet\"><span style=\"font-weight: 400;\">definition of a UBO<\/span><\/a><span style=\"font-weight: 400;\">, for example, includes:<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">Any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company.<\/span><span style=\"font-weight: 400;\">\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">UBO information is often difficult to find. Nominee shareholders can hide true ownership. Shell companies or trusts can obscure information. The ownership percentage can be difficult to pinpoint and might require following complex paper trails.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There might not even be paper trails. Despite regulatory recommendations to the contrary, some parts of the world don\u2019t have documentation requirements for beneficial ownership, meaning there is no shareholder information to investigate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building an efficient UBO verification program often requires four key steps.<\/span><\/p>\n \n<p><b>1) Receive company vitals<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Collect and verify company records such as identification number, name, address, key management personnel.\u00a0<\/span><\/p>\n \n<p><b>2) Analyze the ownership structure and percentages<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Determine who has an ownership stake, either through direct ownership or another party.<\/span><\/p>\n \n<p><b>3) Identify beneficial owners<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Calculate the total ownership stake, or management control, of any associated person and determine if it crosses the threshold for UBO reporting.<\/span><\/p>\n \n<p><b>4) Conduct AML and KYC checks<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Perform AML and KYC verification, including watchlist screening, on everyone identified as a UBO.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are technologies that can help financial institutions <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/beneficial-owner-2022\"><span style=\"font-weight: 400;\">acquire, process and analyze KYB information<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Leveraging a digital, automated platform can help financial institutions accelerate verification, ensure accuracy and quickly onboard business customers.<\/span><\/p>\n \n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/how-can-banks-vet-ubo-integrity\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-how-banks-vet-ubo-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-how-banks-vet-ubo-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-how-banks-vet-ubo-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the White Paper<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">How Can Banks Vet UBO Integrity in a Post-Pandora Risk Landscape?<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn what beneficial ownership means for financial institutions under 6AMLD and the Corporate Transparency Act.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_4\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='deploying-robust-and-scalable-bank-aml-and-kyc-solutions' >Deploying Robust and Scalable Bank AML and KYC Solutions<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The global banking system processes more than a billion transactions every day, including through transfers, domestic and international payments, loans, and account opening. Each transaction represents an opportunity for financial crime, whether it\u2019s money laundering, identity theft, fraud or terrorism financing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial crime attack vectors continue to evolve, requiring changes to compliance requirements. New risks and regulations require analysis, strategies, processes, training, implementation, monitoring and adjustments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banking customers understand and appreciate the need for security. But slow, cumbersome onboarding can lead to frustration, potential abandonment and lost revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building and maintaining online trust in such a complex and diverse environment poses extreme challenges. A person and business verification can help financial institutions overcome those challenges by<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automating manual processes, such as data acquisition and data entry<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Using artificial intelligence to enhance data verification<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Combining data sets from multiple sources to develop a holistic understanding of customers and their associated risk<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Automatically gathering data, fine-tuning risk-based processes to match specific situations and delivering accurate responses in a standardized format can help financial institutions save time and make informed decisions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Compliance with AML, KYC and KYB regulations is not optional for financial institutions. But leveraging an agile, automated, global verification platform can help ensure organizations quickly achieve compliance while building customer trust and expanding their worldwide reach.<\/span><\/p>\n \n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/financial-services\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Industry sheet - Meet Financial Services Compliance Requirements Across Multiple Markets\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Read the Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Financial Services Industry Sheet<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Discover how to meet KYC, AML, KYB and other compliance requirements, expand into international markets, prevent fraud and identity theft, and build consumer trust.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"hidden lg:block section px-0 pt-10 mt-20 border-t border-green-900\">\n\t\t\t\t\t\n<script>\n\t\/\/ @author Justin Golden - Copied from Desktop Clock\n\tasync function copyText(str) {\n\t\tconsole.log('Copying', str);\n\t\tif (!navigator.clipboard) {\n\t\t\t\/\/ fallback\n\t\t\tconst input = document.createElement('textarea');\n\t\t\tinput.innerHTML = str;\n\t\t\tdocument.body.appendChild(input);\n\t\t\tinput.focus();\n\t\t\tinput.select();\n\t\t\tlet result;\n\n\t\t\ttry {\n\t\t\t\tresult = document.execCommand('copy');\n\t\t\t\tconsole.log('Fallback: Copying text command was ' + (result ? 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