Navigating The Complexity of Ownership From The Lens of Sanction By Extension
Tuesday, 30th April. 13:00 - 14:00 London Time (GMT+1)
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The KYB serves as the primary data source for verifying businesses and conducting corporate due diligence in over 250 countries and states.
Navigating the Complexity of ownership from the lens of Sanction by Extension
Mitigating Business verification complexity with The KYB in MENA Region
Onboard businesses with our swift KYB verification.
Expand globally without facing non-compliance challenges
Identify high-risk corporate clients while uncovering UBOs
Mitigate the risk of onboarding a shell company.
Partner with trusted companies and beneficial owners
Fortify your supply chain and ensure enhanced security
Mitigating Business Verification Complexity with The KYB in MENA Region
API Integration
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KYB stands for Know Your Business, which is a due diligence process that companies use to verify the identity and legitimacy of their business partners or customers.
16 October, 2023
Financial institutions and other money service businesses are becoming hotspots for money laundering, terrorism financing, and other illicit activities. This necessitates the firms to have robust security systems and skilled staff to protect them from financial crimes such as money laundering.
In 2007, section 59 of the UK’s Money Laundering Regulations mandated employing an MLRO for all relevant firms. A Money Laundering Reporting Officer (MLRO) is the employee responsible for combating financial crime in the designated firms.
An MLRO is responsible for fighting money laundering and terrorism financing in financial firms and other companies. The primary duty of an MLRO is to notify the relevant bodies about any suspicious activity detected to mitigate the risk of the company becoming a fertile ground for illicit activities.
MRLO is an individual who plays a crucial role in determining AML reporting that can impact a firm’s relationship with its clients and susceptibility to legal, criminal, and disciplinary action. They monitor all activities performed within the Anti-money Laundering (AML) framework. An MLRO should have the power to access customers’ and businesses’ confidential data to identify any risks they may pose and make informed decisions.
In case there is a group of companies, employing one MLRO officer is enough to oversee all anti-money laundering processes. Business owners obligated to have reporting officers within their firms must understand the requirements of designating an MLRO.
Moreover, an MLRO can act as a Nominated Officer, who is responsible for monitoring businesses’ activities, reporting, identifying any suspicious attempts, and reaching out to the National Crime Agency (NCA) for support in case of any illicit activity.
Firms should get approval from the Financial Services Authority (FSA) before appointing an individual as a Money Laundering Reporting Officer. An MLRO works in a senior position and has authority over different departments and teams, who must report relevant happenings to him regularly. Although there are no specified criteria on who can become the MLRO, some of the suitable qualifications to be eligible for an MLRO include:
For small-sized firms, the owner and the executive of the company can serve as a Money Laundering Reporting Officer.
A Money Laundering Reporting Officer checks whether the suspicion arises enough to generate a money laundering report and reveal it to the relevant bodies. Some of the main MLRO responsibilities include:
If you are running a business in a sector regulated by AML law, it is legally binding to employ an MLRO. Having a Money Laundering Reporting Officer facilitates firms in their AML processes, including:
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