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Challenges with UBO verification for complex trusts in KYB
We've been seeing a significant uptick in challenges verifying Ultimate Beneficial Owners (UBOs) for certain types of offshore trusts, especially when there are multiple layers of corporate trustees involved. The documentation requirements vary wildly by jurisdiction, leading to substantial delays in onboarding. Wondering if others are experiencing similar friction points and what strategies, if any, are proving effective in streamlining this particular aspect of KYB.
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Ah, the perennial joy of chasing UBOs through a labyrinth of shell companies and trusts. It's like a financial scavenger hunt, only the treasure is compliance and the prize is not getting fined. We've considered hiring a team of dedicated genealogical detectives at this point.