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The Hidden World of Beneficial Ownership

One of the most challenging tasks for due diligence teams on the lookout for connections to money laundering, bribery, corruption is to uncover the identities of ultimate beneficial owners of entities, properties, and third-party business partners. The job of understanding who companies, and financial services organisations in particular, are doing business with has been made all the more difficult by ... Read More »

OpenCorporates Introduces Trademarks

The OpenCorporates core mission has always been about making official public data about companies more widely available, more usable and more useful. Much of this comes from one of the 120+ company registers it uses as a primary source, but an increasing amount comes from other public sources, which now includes US and global trademark registers. This is useful information in its own ... Read More »

OpenCorporates Adds New Charity Registers, Gazette Notices, and More!

We’re constantly carrying out work that helps improve & enhance our company data. Some of our recent small changes don’t warrant a full blog post, so here’s a list of some newsworthy updates that we’ve made recently. New Datasets: Northern Ireland – Charity Register This completes our set of charity registers for the United Kingdom, and adds just under 6,000 ... Read More »

Transparency at its Best: The Paradise Papers

After the Panama Papers we now have the Paradise Papers: The world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens are being revealed this week in a major new investigation into Britain’s offshore empires. The details come from a leak of 13.4m files that expose the ... Read More »

China to Establish Online Platforms for Exposing Defaulted Debtors

China has issued a notice advising authorities across the country to establish online platforms to expose debtors who fail to honor their credit obligations. The notice, jointly issued by the Publicity Department of the Communist Party of China (CPC) Central Committee, the Supreme People’s Court, and the China Banking Regulatory Commission (CBRC), told authorities to complete provincial-level online platforms by ... Read More »

Open Banking Will Lead to Fundamental Shift in Operating Models

Regulation comes into force in January, forces banks to open their API to approved third parties   Google, Amazon, Facebook or Apple could enter banking Open Banking is an existential threat to traditional banks, according to the Future of Finance, a new piece of research released today at Personal Information Economy (PIE), the UK’s leading personal information event. The qualitative research, ... Read More »

Cambodia: CBC’s Commercial Credit Reporting to be Ready by 2018

The Credit Bureau Cambodia (CBC) – a provider of credit information and other credit reporting services – is developing commercial credit reporting to allow CBC members access to the credit history of commercial enterprises. To date, the CBC has only produced consumer credit reports, which give the personal credit history of individual borrowers.  The new product will make it easier ... Read More »

Moody’s Analytics Launches the CreditLens™ Platform

Moody’s Analytics has launched the CreditLens platform, our next-generation credit origination and risk monitoring solution. This new platform offers flexibility, configurability, and efficiency to lending institutions striving to establish smarter and leaner loan origination practices. The CreditLens platform reduces time-to-decision while tapping into powerful models and insightful analytics that help lenders manage risk and drive productivity. Lenders gain efficiency from the solution’s ... Read More »

LEI update – Uptake of LEIs Remains Slow

Regulatory SaaS technology leader Opus has announced that Alacra, its KYC and reference data management platform, has issued an update on the LEI initiative, Inside the LEI issue X, its regular newsletter on Legal Entity Identifiers (LEIs). Steve Goldstein, vice chairman of Opus, said: “The total number of LEIs issued has remained at roughly the same level for a while now. In August ... Read More »

BIIA 2017 Biennial Conference Presentations

Presentations from the BIIA 2017 Biennial Conference.  Uploading Complete Technology Keynote: Where Will Technology Take Our Industry and the Businesses of our Clients? – Tom Mouhsian (Forrester) We asked Tom Mouhsian of Forrester Research to speak about the topic: “Where Will Technology Take Our Industry and the Businesses of our Clients?”  . Take Away: There is no point in defending status quo ... Read More »

Asian Development Survey Suggests Fintech, Digitization Still Not Significantly Impacting Trade Finance Gap

Banks and companies in the trade finance sector are increasingly using digital solutions to address companies’ significant and unmet financing needs. Yet the global trade finance gap—estimated at $1.5 trillion, with approximately 40% originating in Asia and the Pacific—persists in a stable state, with emerging economies and small- and mid-size enterprises (SME) bearing the brunt of financing shortfalls. More than ... Read More »

Thomson Reuters Expands CLEAR ID Confirm with Business Data

Suite improves identity verification process with international business and FEIN information Thomson Reuters has expanded its identity verification process — CLEAR ID Confirm — to include business and organizational data. As part of the CLEAR online investigations suite, CLEAR ID Confirm leverages comprehensive, up-to-date public and proprietary data to enable organizations to complete identity verification tasks, including risk evaluation and business vetting. The product is ... Read More »

Thomson Reuters and Deloitte Join Forces to Automate Financial Reporting and Compliance for Australian Corporations

Thomson Reuters unveiled a new collaboration today which will see Deloitte become an implementer for Thomson Reuters market-leading ONESOURCE Statutory Reporting software to assist finance departments streamline financial reporting processes, helping them to save time, improve accuracy and remain compliant. The collaboration is an extension of Thomson Reuters expanding global relationship with Deloitte and a first of its kind in ... Read More »

Equifax Data Breach Update: A Category 5 Data Breach

Latest Equifax commentary: “Last Thursday evening we announced a cybersecurity breach potentially impacting 143 million U.S. consumers. It was a painful announcement because of the concern and frustration this incident has created for so many consumers. We apologize to everyone affected. This is the most humbling moment in our 118-year history. Equifax Security first discovered the intrusion on July 29. Understandably, ... Read More »

Law Society’s Money Laundering Task Force Chair to Advise encompass

encompass has appointed Amy Bell, of Amy Bell Compliance, as industry advisor to advise on encompass verify, next generation AML and KYC software for legal and accountancy. Chair of the Law Society’s Money Laundering Task Force, Amy worked for many years as a solicitor before moving into compliance and eventually launching her own firm. A leading figure helping law firms adapt to the ... Read More »

Encompass Appoints Jon May and Yasmeen Jaffer as Industry Advisors

Encompass has appointed Jon May, former CEO of market leading KYC utility, kyc.com and global head of Regulatory and Compliance Managed Services at IHS Markit, and Yasmeen Jaffer, former Managing Director and Global Head of Business Development at IHS Markit, as industry advisers. Jon is currently CEO, and Yasmeen, Partner, of the KYC, Regulatory and Compliance FinTech firm, JJCFinTech. During his time as ... Read More »