From anti-money laundering law, to “Know Your Customer” (KYC) regulations, companies face an almost endless list of laws, rules and regulations. In the last ten years, governments around the globe have enacted a number of highly complex, and onerous laws. In addition, existing laws have continued to evolve.
Ensuring compliance is impossible without access to accurate data that provides a complete picture of the customer’s biographical information and corresponding activities. Unfortunately, much of the data available to help companies establish and maintain compliance is either inaccurate, incomplete or extremely expensive to acquire.
Without timely and accurate data, companies will continue to struggle with compliance and potentially attract the attention of regulators, as well as fraudsters due to their inability to detect questionable activity.
To make fully informed business decisions companies need data – lots of it. Gathering sufficient information to identify, accept and consequently, monitor individuals and businesses often forces companies to purchase data from multiple providers. However, with mountains of data at their fingertips, companies still struggle with compliance. Without a robust aggregation process that removes duplicate, stale or incomplete information, as well as alerts indicating high-risk transactions, companies will spend valuable time and limited resources wading through irrelevant data.
In order to improve its ability to comply with various laws and regulations, including the Money Laundering Regulations Act 2007, Regus PLC, a leader in flexible workspaces, recently implemented Contego’s solution. By doing so, Regus gained access to data from a number of sources, including law enforcement, third party data providers and industry associations. Via a single online platform, Contego’s solution helps Regus make intelligent, risk based decisions by aggregating address verification, passport and ID document checks, credit details, PEP and sanctions data, Companies House data, directors and shareholder information, as well as a company’s beneficial owners.
Given the ever-shifting regulatory environment, without aggregating data from a number of sources, companies cannot develop a complete understanding of risk, and consequently, ensure compliance in a cost-effective manner.