Intermediate and Ultimate Beneficial owners need to be identified for ALL Non individual customers prior to Onboarding.
The percentage to which such “unwrapping” is to be done is determined by:
The process to independently identify such Beneficial owners is currently manual and cumbersome.
Staff will need to access information from different registries / sources and identify cross holdings across different legs. Moreover, it is error prone, as there is a need to interpret “unwrapping” requirements, which frequently results in re-work.
The tool automates application of Beneficial owner determination rules based on Jurisdiction, Risk rating and Ownership type. This saves significant processing time and improves productivity levels.
By interfacing with reputed independent data aggregators across jurisdictions, the tool ensures consistent and error free approach to Beneficial owner identification aligned to local regulations and governing policies.
The tool visually constructs the “Unwrapping tree” to the required percentage/ level of Unwrapping. This enables staff to have a clear view of Intermediate and Ultimate Beneficial owners, respective holdings and identify potential risks.
Outputs from the tool are date and time stamped, can be archived in pdf formats and retrieved via friendly “search” functionality at a later date.
Linkage to Name Screening
On completion of Beneficial owner identification, the tool can interface directly with Name screening engines to seamlessly link-in with next step
Digileap Technologies Pte. Ltd.