Managing complex corporate structures involves identifying and linking all parties within a structure back to the root entity. Traditionally, this is a manual process handled by compliance teams, making it both time-consuming and prone to human error. KYC Portal (KYCP) is addressing this challenge by automating the process, enabling businesses to validate data with the click of a button.
For companies that need to onboard institutional clients for anti-money laundering (AML) and due diligence purposes, determining ownership structures is a daily challenge.
The task is particularly complex when dealing with trusts, foundations, partnerships, and other multi-layered entities. When key individuals appear multiple times within the same structure, the process of identifying ultimate beneficial ownership (UBO) can become highly intricate.
KYCP provides a fully automated solution for ownership mapping when configured with the appropriate fields, rules, and scripts.
The platform’s fields module allows users to define ownership percentages for each entity within a corporate structure. Compliance teams can input the percentage ownership of each key stakeholder in relation to their direct parent entity.
Additionally, KYCP’s custom button feature enables users to trigger pre-configured scripts that calculate ownership across the entire structure.
This automation allows for seamless computation of ownership percentages in relation to the root entity while also providing visibility into cumulative ownership for stakeholders involved in multiple areas of the structure.
The automated system also ensures the accuracy of ownership validation by cross-referencing total ownership allocations.
This function helps teams verify that 100% of company ownership has been identified, reducing errors and ensuring compliance. If discrepancies arise, applications can be flagged for review and either sent back to the customer or escalated internally for further validation.
By integrating these features, KYCP significantly enhances the efficiency of corporate onboarding.
The platform not only accelerates due diligence processes but also improves security and compliance. Moreover, KYCP’s Customer Outreach Tool allows clients to confirm ownership details before submitting applications, ensuring transparency and accountability from the outset.
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