Refinitiv has integrated Ultimate Beneficial Ownership data (UBO) and Vessel data into its leading Risk Intelligence platform World-Check One, creating a formidable resource to help unravel complicated ownership structures and screen entities in line with Know-Your-Customer (KYC) and financial crime regulations across the globe.
By combining UBO data from Dun & Bradstreet, Vessel data from IHS Markit Maritime and Trade, and World-Check One’s comprehensive Risk Intelligence data, Refinitiv is helping to simplify in-house compliance workflows for organizations around the world.
While complex legal entities often facilitate legitimate business, their opaque ownership structures make it a challenge to unwrap ownership hierarchies and screen associated entities for potential risks, including those relating to financial crime. As a result, they are frequently linked to large-scale criminal activity including tax evasion, fraud, money laundering, terrorism financing and sanctions violations.
The lack of transparency of beneficial ownership information around the world has been highlighted by several key organizations, including the FATF, the G20, and the UK’s Anti-Corruption Summit.
“Unwrapping complex ownership structures is an important part of knowing who you are dealing with when it comes to onboarding new customers, suppliers and partners,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “The addition of UBO data and vessel information within World-Check One is a significant step in simplifying this process, helping organisations establish a more robust and effective due diligence process and ultimately creating a more hostile environment for criminals to operate.”
“Dun & Bradstreet is pleased to be working with Refinitiv to deliver UBO data and analytics globally to our joint customers,” said Brian Alster, General Manager of Third-Party Risk & Compliance, Dun & Bradstreet. “The combination of UBO data with World-Check One supports a more systematic and deeper understanding of the companies you are doing business with, which can help organisations adhere to beneficial ownership laws and regulations around the world, while helping to counteract money laundering and other financial crimes.”
World-Check One's ‘UBO Check’ and ‘Vessel Check’ are integrated opt-in features within World-Check One that deliver UBO data across more than 200 countries, unlocking more than 100 million connections and providing insights into corporate entities and beneficial owners across the globe, plus the unrivalled breadth and depth of IHS Markit Maritime and Trade data, the largest maritime database in the world, which currently lists more than 190,000 vessels, seven levels of ownership and 11 years of vessel history.