by Angela Guess

According to a new press release, “Innovative Systems, Inc., a leading global provider of enterprise data management and regulatory compliance solutions, today introduced the FinScan Ultimate Beneficial Ownership (UBO) solution.  It integrates FinScan’s robust anti-money laundering (AML) offering with the largest global UBO databases, such as those from Bureau van Dijk.  Organizations worldwide can now instantly identify ultimate beneficial owners of an entity and automatically screen them against sanctions lists in a single process, ensuring compliance with international regulations in a much more efficient manner.”

The release goes on, “Regulations such as the EU 4th AML Directive and FinCEN Final CDD Rule soon will require institutions to know more about the ownership structures of companies with which they do business. Current processes make this a time-consuming and resource-intensive undertaking. Particularly challenging is the task of identifying true owners of entities with very complex ownership structures, many of which operate through offshore shell companies.”

It continues, “Many financial institutions rely on their customers to provide beneficial owner information, or they conduct manual research on each. Paul Doody, chief marketing officer at Innovative Systems said, ‘Feedback from our clients was that limitations of their existing manpower and infrastructure made it difficult to meet regulatory requirements, especially with high risk customers.  They needed an efficient way to demonstrate that they’d done the checks rather than simply relied on the customer’s word. FinScan’s UBO solution allows them to stay in compliance without a massive investment’.”

Read more at PR Newswire.

Photo credit: Innovative Systems