Curious how firms are handling KYB for complex corporate structures, particularly those with ultimate beneficial owners (UBOs) spanning several high-risk jurisdictions. The layers of beneficial ownership can be a real headache to untangle for AML compliance. What are the common pitfalls beyond just documentation collection?
This is definitely a huge challenge. Beyond just document collection, I find verifying the accuracy and authenticity of those documents to be the real time sink, especially when dealing with various foreign registries and legal systems. Do you find yourself spending a lot of time on third-party verification services?
The biggest pitfall I've seen isn't just documentation, but getting real-time, verifiable data on those UBOs in high-risk zones. Static documents are easily outdated or falsified. How are you tackling ongoing monitoring once you've initially onboarded them?