New Beneficial Ownership Rule and other White House AML focus update

The Obama White House has announced (5/6/16) components of new focused attention on AML issues. The new Beneficial Ownership rule will require enhanced due diligence on any ownership 25% or above. In addition, Foreign businesses will be in the spotlight with new requirements to examine single member limited liability companies and a new pathway for access to Foreign business records in civil liability asset recovery cases.

The challenge for those of us in the financial services sector is how do we find the valid data to efficiently meet these government and internal due diligence standards. Often, data sources in the international community do not contain the diverse data that is available in the United States. Specific and focused data from government documents, media and social networks can be key to meeting business requirements. It is paramount that compliance and due diligence investigators and analysts have access to technology tools to enable their work. For information about data solutions tools available from Nominodata, please contact Rob Goldfinger CAMS at rgoldfinger@nominodata.com