Dun & Bradstreet Bows ‘Beneficial Ownership’ Data for AML, KYC Compliance

The product provides “a comprehensive picture of corporate hierarchy” with entity-level and individual-level share ownership data, covering 71 million shareholders across 62 countries, sourced from D&B’s database of 265 million verified business records, and includes analysis of direct, indirect and circular ownership structures, details of relevant shareholders, and percentage ownership stakes. Users can access the product online, via API access or batch download, and can also set up alerts to notify them of any changes to ownership structures.

“Beneficial Ownership identification and verification has become an essential component of the onboarding and remediation process.  It is critical for combating everything from financial crime, tax evasion, corruption, fraud, money laundering, trafficking, terrorist funding and other crimes,” says Brian Alster, global head of supply and compliance at D&B. “Banks and other financial institutions—including merchants, payment brokers, insurance companies, along with law firms and others—have KYC requirements that require beneficial ownership disclosures. Industries subject to OFAC [the Office of Foreign Assets Control] 50 Percent Rule, AML, CTF [Counter-Terrorist Financing] and other regulations need granular details to vet their customers and third parties. Best practices for compliance with global anti-bribery and corruption regulations such as FCPA [the US Foreign Corrupt Practices Act] and the UK Bribery Act, include beneficial ownership identification, verification and screening.”

However, D&B is also targeting the new solution at industries beyond finance. “In addition to the financial services, industry, beneficial Ownership is especially important in the durable and non-durable consumer goods industries. The US government began a campaign in 2016 directed at US manufacturers and distributors, advising them about trade-based money laundering. The government encouraged companies to adopt stricter controls over their distributors and ‘know your customer’ policies similar those now in place in the banking and insurance industries,” Alster adds. “The D&B Beneficial Ownership Solution helps these companies meet the beneficial ownership identification, verification and screening process as required by global anti-bribery and corruption regulations, such as the FCPA and UK Bribery Act.”