The Latest Thinking On Beneficial Ownership, Power And Control

Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing.

Over the past 10 years, the compliance landscape has been shaken up by a landslide of data. Technology has uncovered the interconnectedness of the business ecosystem, raising regulatory expectations. The onus has shifted onto companies themselves to discover any criminal connections in their third-party network.

Many companies are raising questions on:

  • How do companies avoid unexpected fines and protect your company’s reputation?
  • How much do we trust your business partners?
  • When it comes to third-party relationships, do you really know who you’re doing business with?

Now, more than ever, companies need to understand exactly who controls their suppliers and business partners, who their clients are, and whether any changes could lead to non-compliance. That’s why identifying beneficial owners, and who has power and control over your partners, is a crucial part of managing compliance risk.

Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing. Uninvestigated data chains of power and control create risk. Ownership links and sanctions lists can rapidly change. Having access to quality data and up-to-date ownership information is vital and can help to mitigate risk.

Pinpointing beneficial ownership should be an integral part of a company’s anti-money laundering (AML), know your customer (KYC), enhanced due diligence (EDD) and compliance strategy.

To discover what’s hidden behind third-party company data, who influences your partners’ decisions and why data puts you in control when it comes to managing third party risk, Bureau van Dijk has published a white paper covering:

  • What beneficial ownership is and how it can differ from ‘control’
  • What we can learn about recent regulation and enforcement to inform due diligence
  • How company ownership data can help you protect your company

For more information, download Bureau van Dijk’s white paper ‘Transparent trade: Understand the latest thinking on beneficial ownership, power and control

This post was sponsored and written by Bureau van Dijk, a Moody’s Analytics company. 

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