Increasing Focus on Beneficial Ownership: How to Evolve Your Compliance Program

Recent regulatory mandates emphasize the need for organizations to know with whom they are doing business, including the identification of opaque ownership and control structures. We reviewed various regulations as well as changes to certain ownership registers and how this impacts legal and compliance professionals across financial institutions, corporations, and charities. We also propose immediate and long-term best practices that organizations can implement to boost confidence in their ability to meet the requirements associated with ultimate beneficial ownership identification.