What does your organization deal with matters such as corruption, child labor, and environmental crimes? Do you rely on your moral compass, and that of your colleagues, and formalize these issues in your contracts with business partners? Or is compliance more than simply another box to check? To go beyond compliance, you can draw on a range of controls, such as thorough due diligence reviews. This offers six crystal-clear ways your organization to benefit.
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?
Second in our series of two articles about achieving multi-tier visibility into your supply chain.