KYB Insights: From UBO Regulations to Shell Company Risks

Webinar on Lapses of UBO in Corporate Screening

The KYB takes the lead in conducting an exclusive webinar on Ultimate beneficial ownership and KYB compliance. Mark Bain, CEO - The KYB will engage in insightful debate with our guest speakers, Louie Vargas and Michael Harris, to discuss the compliance challenges in the business ecosystem due to intricate ownership structures. This webinar aims to build a narrative about advanced strategies to cope with emerging challenges, such as finding reliable data across borders and decoding complex ownership.?

Join us for an enlightening session that will construct a comprehensive narrative around UBO compliance and provide actionable insights to tackle emerging business challenges.

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Business Verification in Bahrain

The dynamic business landscape of Bahrain presents diverse verification challenges during corporate compliance. Explore the resources available for corporate due diligence, ensuring transparency during KYB compliance in Bahrain, and the limited data points of the business registry in Bahrain that hinder business verification. From regulatory databases to industry-specific checks, equip yourself with the knowledge to make informed decisions and mitigate risks effectively.?

Click on the image below to read the article on Bahrain's State of Business verification!

Mark Bain attends the PAY 360 Event

Mark Bain, CEO of The KYB, attended the PAY360 event on the 9th and 20th of March 2024. This premier event is set to ignite discussions that will shape the future of money, focusing on the transformative power of Open Banking. The event revolved around the agenda of the latest advancements in payment methods and corporate screening. With its fantastic plan to establish innovation and drive industry dialogue, PAY360 is the ideal platform to explore how Open Banking is reshaping the dynamic financial landscape.

Evolution of UBO Since 2017

As intricate ownership structures pose new challenges in corporate due diligence, regulations are evolving all across the globe to ensure transparency and combat illicit activities. In the US, regulations like the Bank Secrecy Act and the CTA mandate beneficial ownership disclosure. Similarly, the EU enforces regulations such as the AML Directives to identify beneficial owners. The evolution of UBO regulations ensures compliance and helps mitigate various businesses to facilitate know your business compliance.

Click on the image below to navigate the evolution timeline of UBO regulation since 2017!

Shell Companies

Shell companies have come under scrutiny for their potential misuse in fraudulent activities, causing significant repercussions for global business compliance. These entities, designed to hold assets and conduct business transactions, can cause vagueness in the ownership and control behind complex structures. Such opacity creates gaps for exploitation during compliance to evade sanctions. Regulators call for enhanced due diligence requirements and transparency measures to address this colossal menace.?

Click the image below to understand the risks associated with shell companies in the business ecosystem.