SmartSearch, a UK online provider of Anti Money Laundering (AML) services, has launched a new service to help businesses identify the ultimate beneficial owner (UBO) of large corporates.
According to the Finextra news channel the increased capability is a result of SmartSearch integrating with Experian’s UBO database, and is in response to customer feedback about the frustration of trying to cut through complex corporate structures.
Algorithm for UBO identification
Best known as a multinational consumer credit reporting company, Anglo-Irish Experian says it has developed a proprietary algorithm for quickly and accurately identifying the UBO of any organisation.
In the UK, Experian harnesses data from each document filed at Companies House, capturing shareholders, shareholding, share value, share types, voting rights and currency. Over time, this provides a dynamic picture of a company’s ownership structure that updates as new documents are filed.
Experian’s business services now include back book assessment involving a retrospective data analysis to validate businesses in an existing portfolio.
The Anglo-Irish credit specialist has also entered the on-boarding market.
Categories: Trade Based Financial crimes News