Kompany launches global shareholder discovery technology
News Highlights: Kompany launches global shareholder discovery technology
Austrian RegTech firm kompany today announced the launch of its latest anti-money laundering solution designed to facilitate ultimate beneficial ownership (UBO) discovery for regulated entities around the world.
Gaining a full understanding of cross-border shareholder structures is seen as the most difficult and time consuming challenge for compliance teams. The time spent on this AML compliance requirement can now be significantly reduced.
With a long history of traditionally making it inaccessible and accessible, kompany has developed its latest product to simplify shareholder search and discovery through the application of their industry-leading artificial intelligence engine.
“Shareholder information is mainly unstructured data, often hidden in PDFs, with little to no consistency in the way it is collected, recorded or stored.” describes kompany CEO and co-founder Russell E. Perry. Compliance teams are tasked with browsing these PDFs, which often consist of inconsistently designed forms and even low-quality scans. Even within the same register, different regional authorities may submit filings in different ways. A new and innovative method was needed to solve the challenges of this paper-dominated and inconsistent approach.
There are two particularly unique features of UBO discovery, the first of which includes the ability to remove jurisdiction barriers to display cross-border proprietary information in real time and on demand. The second important feature is the intuitive visualization of the ownership structure, which presents complex shareholder networks in an easy-to-read format. UBO discovery is also available via API, allowing it to be scaled according to customer requirements and converting the currently manual, time consuming and costly process into an automated and efficient one.
“An estimated 80% of all business information in registers around the world is only available as unstructured data. As the costs and risks of non-compliance increase, the market is very much looking for a solution such as UBO detection to enable smarter, faster and full compliance. Added Perry, “Our goal is to maintain our reputation as an industry leader in RegTech and stay ahead of regulatory pressure through technology.”
kompany is proud to transform the due diligence experience for its clients around the world by providing them with the latest tools and technology to remain compliant now and into the future.
Via: www.finextra.com
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