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Automate your UBO Checks

Swift and efficient identification of your UBO based on automation rules
Automate your UBO Checks

You want to prevent doing business with fraudulent companies in order to prevent fines or loss of reputation. If you are subject to the Wwft ((Money Laundering and Terrorist Financing (Prevention) Act) or the Sanctions Act, listing the Ultimate Beneficial Owner (UBO) is mandatory. You need to know who is at the helm and check this person for any integrity risks. Not only when entering into business relations - also periodically and for transactions. Company and ownership structures are often complex, which makes finding the UBO a challenge. You also need to archive all steps for auditing purposes. This process is expensive and time-consuming. The UBO Check enables you to fully automate the process, allowing for swift and efficient compliance with all recent legislation, and avoiding doing business with unreliable parties. 

How does the UBO Check work? The UBO Check is a module within Graydon’s Due Diligence solution. This solution consists of four steps:

  • Step 1: The UBO Check lists the ultimate beneficial owner/owners. The UBO Check shows the path to the highest entity in each branch of a group structure. 
  • Step 2: If you are subject to the Wwft or Sanctions Act, you check the UBOs for integrity risks. This would include sanctions lists, inspection lists, fraud lists, PEP lists and negative publicity. This can be enhanced with credit information for full assessment of this risk.
  • Step 3: You automatically monitor the UBO in accordance with legal requirements. Relating to the Wwft, this is based on your risk classification. Relating to the Sanctions Act, you check all UBOs for any transactions and also periodically. 
  • Step 4: You automatically record all your steps and outcomes in a secured online archive for your audit trail. 

Prior to automating your due diligence policy, Graydon enriches, analyses and screens your full portfolio to create a ‘clean slate’.