The Intricacies of Ownership and Control: Understanding Beneficial Ownership Structures
EXECUTIVE SUMMARY
Beneficial ownership identification and verification is now an essential component of the client KYC onboarding and remediation process. It is at the heart of the latest raft of international AML/CTF sanctions and regulations, as well as tax compliance laws and standards, such as FATCA and CRS. Although the impact on the financial services industry is widely acknowledged, other organizations with know your vendor (KYV) and know your third party (KYTP) disclosure obligations are also directly affected.
