Global RADAR has announced the launch of its latest offering aimed to make it easier for organizations to manage beneficial ownership requirements. With the looming deadline of May 11, 2018, financial institutions will soon be required to comply with FinCEN’s Customer Due Diligence (CDD) Final Rule. The ruling requires covered financial institutions to collect and verify the identity of controlling parties and any beneficial owners.
Global RADAR Check, the newest tool in a suite of anti-money laundering products by Global RADAR, enables users to create organizational structures through the “Ownership Mapper” utility and provides users access to corporate registries globally, including all US states. This tool is being offered for free to all who are interested in utilizing a solution that will help identify beneficial owners and controlling parties.
With an upgraded plan, the solution can also be used to check names against global sanctions lists, Politically Exposed Persons (PEP) lists and adverse media as well as relevant social media elements. This solution will add much needed relief to the rigors of regulatory compliance when onboarding new clients while reducing costs and improving the customer experience.
“Know Your Customer and Customer Due Diligence requirements are some of the most problematic areas of regulatory compliance.” stated Dominic Suszek, CEO of Global RADAR. Limited functionality, the lack of integration between systems and high costs have been a barrier too long. Our goal is to arm organizations with a versatile tool that addresses these challenges.”
To access and register for Global RADAR Check visit https://www.globalradarcheck.com or call US 1.877.265.7475 or UK +44 (0) 2030 148 947.