Automated verification of beneficial owners – from complexity to clarity
Identifying and verifying a Beneficial Owner (BO) is a cornerstone of compliance for businesses operating in today’s heavily regulated environment. While the process is essential, it is often complex and time-consuming. By leveraging modern tools to automate BO verification, organisations can streamline the process, ensuring compliance while freeing up valuable time and resources.
Why identifying a beneficial owner is important
A beneficial owner is the individual or individuals who ultimately own or control a company. Their influence can be exercised through direct ownership, contractual agreements, or the ability to appoint or remove board members. Correctly identifying and reporting these individuals is crucial to:
Prevent money laundering and economic crime: Protect businesses and society from illegal activities.
Ensure transparency in corporate structures: Promote openness and trust in the business community.
Meet regulatory requirements: Ensure adherence to laws and regulations.
Challenges in beneficial owner verification
Identifying the BO of a company can be both complex and time-consuming. Factors such as intricate ownership structures, international stakeholders, or shared control among multiple individuals can make the process challenging. Additionally, the information must be verified and documented reliably, often requiring significant manual effort.
The solution: automation through APIs
APIs for beneficial owner verification are revolutionising how businesses handle compliance requirements. By integrating with reliable data sources, these APIs offer easy and efficient access to real-time information, making the identification and verification of ownership faster and more accurate.
Benefits of APIs for beneficial owner verification:
Automated data retrieval: APIs enable automated searches and direct retrieval of data from UBO registers, eliminating the need for manual handling.
Real-time verification: Companies can automatically monitor changes in ownership data, minimising delays in compliance checks.
Scalability: APIs are designed to handle large volumes of requests, making them ideal for businesses with extensive customer portfolios or frequent verification needs.
Discover Roaring’s API for beneficial owner verification
Roaring offers tailored solutions for businesses looking to streamline their compliance processes. Learn more about our beneficial owner verification services.
