Across the globe, Financial Institutions (FIs) have struggled with collecting, validating, and maintaining accurate and up to date beneficial ownership data. Many countries across the globe, including the United States (US), have recognized that in order to combat terrorism and financial crime, there is an urgent need for more national registries and globally aligned processes. FinCEN’s enactment of the Customer Due Diligence (CDD) Final Rule (called the ‘UBO Rule’) is an effort by US regulator FinCEN in this direction.

This white paper covers:

1. What is not working for Financial Institutions when trying to meet the UBO
   compliance requirements.
2. Successful implementation of similar legislation globally
3. Workable solutions to successfully incorporate the UBO process into the
   onboarding process

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