UBO & company registers are used as a data source to verify the information about a company that we have any relationship with – that the company exists, that the company is represented by this and that person and that it is controlled by that third person. These registers can be used when they are available and they provide the necessary information. This is not always the case.
I very often hear people who are not very deeply involved in AML compliance say that since we live in an information era, we can check any company against some almighty database, you just need aggregate them, make a Google god mode kind of tool and that you can type in the name of any company on Earth and get all the results you are looking for. This is nothing short of a myth. In this video I want to show you the reality of the situation.
I want to note from the outset that these kinds of videos and this one in particular will reflect my own personal opinion only, it may seem harsh, but it's my honest and uncensored opinion.
If you have your own opinion on this topic, leave it in the comments and we’ll discuss it.
Chapters:
00:00 Intro
00:38 Availability of company registers - this is nothing but a myth
01:14 The best tool in the field of national company registers
02:26 The best platform in the UBO registers
04:25 An interesting case from Graham Barrow about the use of fake identities
06:24 Open Data Directive was adopted 3 years ago but nothing happened
09:56 My thoughts on the use of paywalls in UBO registers
14:30 Conclusion
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