In February 2021, I asked the Swedish company registry (#Bolagsverket) about some statistics regarding beneficial ownership,
this is the response:
Approx.:
- 70.000 companies have registered that they don't have a beneficial owner.
- 13.500 companies with a beneficial owner that is a non-resident and or not registered with a Swedish national ID.
- 5.000 companies that have registered that they have not been able to confirm if there are any beneficial owner and or that they don't have sufficient information to identify who the beneficial owner is(?).
This could pose some challenges for anyone planning to implement and or have already implemented "automated" (or with less manual interference) KYC onboarding.
A high amount of manual handling of corporate customers to confirm BO is expected (not to mention other risk indicators that will require enhanced due diligence and manual work)
And, the "big banks" KYC "hub" #invidem will not solve this, trust me!
To reduce KYC/AML costs, one need to automate, however you cannot automate yourself out of apparent risks(!)
Now, your informed. Take informed decisions.
To no surprise, men are over-represented when it comes to being beneficial owners (i.e., approx. 330.000 are 100% owned by men, and only approx. 93.000 companies are 100% owned by women.
#penningtvatt #antimoneylaundering #sanctionsscreening #kyc #kyb #knowyourcustomer #duediligence #finansinspektionen #enhancedcustomerduediligence