The truth behind the two most commonly heard compliance myths

There’s no doubt about it: more is demanded of compliance professionals than ever before. And often against a backdrop of demanding regulations, skills shortages and business demands for faster controls. At the same time, there are a number of myths that make compliance unnecessarily difficult. In this article, we disprove the two most frequently heard misconceptions about compliance – once and for all.

Break free from your data silo! 3 tips to get your data moving

Imagine: You are about to pick up on a lead and call the person or company in question, only to discover that the customer information is incorrect. Sound familiar? Then you and your colleagues are having data management problems. That usually only becomes apparent at the most crucial moments. A data problem moves across different departments. The finance department, for example: an incorrect invoicing address will mean that the customer never pays their invoices, since they never received them in the first place. Or the marketing department, trying to launch a personalized campaign, but unable to find a salutation or full first name in the data for each and every contact person.

A UBO does not stop at the country border

Identifying the ultimate stakeholder – or Ultimate Beneficial Owner (UBO) – might be the biggest challenge in your KYC process. Especially in a time where companies are setting up the structure of their organisation in such a way that they will have the most financial benefit from it. For example, to create a favourable tax climate. The fact that this results in a large cross-border spider web is more often the rule than the exception. But how do you gain insight into the entire family tree of an organisation without slowing down your KYC process?