Lifting the Veil – Why Understanding Beneficial Ownership Is Now Essential for AML Compliance

Global anti-money laundering (AML) standards have long required that understanding beneficial ownership be a part of a financial institution's AML program. Beneficial ownership outlines the identity of individuals with a controlling interest in a privately held company, enabling a financial institution to understand the ultimate beneficiary of a financial transaction. Identifying beneficial ownership can be a complex process, but it's one that institutions must conquer if they are to remain in compliance with industry rules and legislation.