Refinitiv is proud to introduce UBO Check, our latest opt-in feature on the World-Check One platform. UBO Check helps to simplify the complex process of unwrapping and understanding company ownership structures and related risk.
- Quickly identify or verify the beneficial ownership or controllership of entities and then screen them for potential risk – all on a single platform.
- Visualize the often complex and interwoven web of relationships in corporate ownership networks and quickly gauge potential risk before deciding whether to proceed with any new business relationship.
A new powerful tool that can boost efficiency, contain costs and optimize regulatory compliance.
This means that users can quickly identify or verify the beneficial ownership or controllership of entities and then screen them for potential risk — all on a single platform.
This new opt-in feature on World-Check One allows compliance professionals to visualize the often complex and interwoven web of relationships in corporate ownership networks and quickly gauge potential risk before deciding whether to proceed with any new business relationship.
Beneficial ownership screening
In line with anti-money laundering and anti-bribery and corruption legislation, organizations are required to identify the real beneficial owners of any entity before establishing a business relationship.
Failure to do so could lead to regulatory censure, financial penalties or reputational damage.
Compliance with this requirement, however, is not always easy, as organizations must often unravel intricate layers of beneficiary exposure, complicated by a variety of factors, including:
- Business ownership information may be fragmented, stored in disparate forms and locations, or difficult to find.
- Different jurisdictions have different methods of defining and recording ownership, especially where complex corporate structures exist.
- Financial criminals often deliberately make it difficult to identify the real owners of an entity by creating layers of complexity.
Brian Alster, General Manager of Third-Party Risk & Compliance, at Dun & Bradstreet, says: “Compliance teams are under increased pressure to protect their corporations and meet regulatory requirements, but complex corporate structures can make this very difficult.”
How does UBO Check help?
Alster continues: “At Dun & Bradstreet, we help our customers understand exactly who they are doing business with. By leveraging our global database of corporate linkage and beneficial ownership data, Dun & Bradstreet provides insight into 73 million organizations, covering over 200 countries across the globe.
Using the latest in graph technology and analytics, we connect more than 110 million owners of companies together — including 93 million individuals — to calculate their beneficial ownership level in seconds.
This supports both the myriad of regulations and the different risk-based approaches our customers set within their local policies.”
Once identified, relevant UBOs can immediately be screened against Refinitiv’s market-leading World-Check Risk Intelligence database that delivers accurate and reliable information to help you make informed decisions.
With hundreds of specialist researchers and analysts across the globe, speaking more than 60 languages and adhering to the most stringent research guidelines, they collate information from reputable sources — such as watchlists, government records, and media searches.
Jorg Schaper, Head of Customer Risk at Refinitiv, adds: “This new feature not only combines best-in-class data from two leading suppliers for unsurpassed coverage and content, but importantly, provides a complete workflow solution that features access to multiple data assets within one system.
“In addition, our advanced case management structure creates a clear picture of relationships and potential risk.”
Watch: Ultimate Beneficial Ownership (UBO) with Refinitiv
Boosting UBO compliance
UBO Check has been designed to ease the burden on often over-stretched compliance teams by providing the ability to identify and validate the ultimate beneficial owner of an entity and then screen for any associated risk all on one platform.
Moreover, because risk is dynamic, you are able to monitor ownership structures on an ongoing basis, to pinpoint any changes in UBO status.
UBO Check also offers an extensive auditing capability and can be used as part of management reporting and regulatory proof of due diligence.
Schafer concludes: “Remaining compliant with tightening global UBO laws and regulations can be a time-consuming and complex process, but cutting-edge screening tools such as UBO Check can help compliance teams to peel back the layers of the most complex corporate structures, and make better decisions to ultimately protect their organizations from potential financial and reputational risk.
This powerful new tool can help boost efficiency, contain costs and optimize regulatory compliance.”