In line with evolving regulatory expectations, particularly the Financial Action Tasks Force (FATF) Guidance on Beneficial Ownership and Transparency of Legal Persons and Legal Arrangements, Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) including Tax Authorities are required to adopt robust methodologies for identifying Ultimate Beneficial Owners (UBOs).
Unveiling UBOs requires a structured, multi-layered approach that identifies natural persons who ultimately own or control legal entities or arrangements. This includes ownership chain analysis, document verification, and the use of advanced tools such as AI-powered RegTech solutions to address complex ownership structures.
Our April Open House Program has therefore been packaged to train Compliance Officers, Solicitors, Issuing Houses, Registrars, Reporting Accountants, Auditors, Tax Authorities, Trustees, and other professionals involved in Complex Financial Transactions about the risks and controls required for unveiling the Ultimate Beneficial Owner (UBOs) as demanded by extant AML/CFT/CPF Compliance laws and Regulations.