In order to fulfil Know Your Customer requirements and Anti-Money Laundering (AML) obligations under MLD4, entities are required to take steps to identify individuals holding over 25% of the shares of a company they are dealing with.
CRIFVision-Net has developed innovative KYC reports and batch searching applications to help our customers identify beneficial owners of Irish corporate entities in seconds, removing the time-consuming burden of manually searching through layers of corporate shareholder structure and data.
The directives, the 3rd and now the 4th directive on Anti-Money Laundering (MLD4), require obliged entities to drill down through layers of shareholderings until they reach and identify individuals (natural persons - as apposed to companies) who own over 25% of a company.
Our beneficial owners solution can be run on a one off basis through a manual search or on a batch basis. Supporting documentation as required by the directives, offical Annual Returns filed by the company, can by provided at each layer of the search.
Substantial cost and time savings can be achieved by avoiding the need to manually identify the beneficial owner information on your client base, through our batch processing beneficial owners solution. This low cost solution, uses our matching technology to pair your customer records with their official legal entity. Once this stage is complete it then appends a CRO number to your customer records and drills through each company until the ultimate beneficial owner is discovered within its Irish operations.
All supporting documentation (reports and original documents) can then be provided to you in one convenient location, folder or disk. There is also an option for CRIFVision-Net to store these documents for you in the cloud which you have access to should you be need them for audit.
Periodical reviews can then be scheduled to ensure your compliance data is kept right up to date with the latest filings, removing the burden from you and your compliance team.
Alternatively why not chat through your compliance requirements with one of our Compliance specialists on Tel: (01) 903 2660.
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