Validient Releases Global Company Ownership Feature
November 7, 2024
Validient — Digital client onboarding system for law firms, real estate agents, and other regulated businesses
validient.com
Throughout the globe, fines for not complying with anti-money laundering (AML) regulations are rapidly increasing. Just this year, TD Bank were fined $2.9bn, Binance fined $4bn, and Deutsche Bank fined $186m – frankly, numbers that the majority of people can’t comprehend. These examples are some of the biggest fines ever imposed, but for smaller professional services firms, the threat of fines is equally as damaging.
In Canada and the UK, tens of billions of dollars are laundered through corporates. And it is estimated that we only account for 7% of money laundering that is happening. Yet, the due diligence process for understanding risk around corporate structures is still weak, with professional service firms relying on single data sets and information given to them from their potential clients. With the increase of fines, and the risks related to high-risk countries like Russia, China, and Iran, it’s becoming increasingly imperative for all firms who are regulated under AML to conduct effective and thorough due diligence.
Validient has created a global company ownership tool to guide Canadian professional service firms through the company due diligence process by offering instant data to understand the entire chain of ownership of potential business clients. The platform offers a visual graph of the ownership structure which includes directors, ultimate beneficial owners, relations to other companies, traces to high-risk areas, sanctions, and high-risk assets. The platform gives compliance teams immediate access to the data so that they can make quick, informed decisions — with the option of diving deeper into understanding the risk profile of a business. With corporate due diligence taking an average two weeks to complete, Validient’s instant corporate structures not only reduce the speed to seconds but give businesses the peace of mind when starting a new business relationship.
Validient is now inviting law firms and regulated businesses to sign up for early access to the platform. You can do so by visiting this link: validient.com/kyb-waiting-list/.