Implementing an Ultimate Beneficial Owners Screening Program  

5,000

customers contacted to identify UBO

600

screening alerts investigated

<6

 months to completion

Challenge

As part of its effort to improve the identification of Ultimate Beneficial Owners (UBOs) for its worldwide portfolio of clients, this global insurance leader needed a streamlined communication plan to gather UBO information, screen these individuals against global sanctions lists, discount false positives, and efficiently share alerts with its risk department.  

This involved reaching out to over 5,000 corporate clients to collect the necessary information to be validated and analyzed.  

Solution

After evaluating multiple solutions, this client chose our secure Know Your Customer (KYC) platform, an all-in-one, customized solution for a secure, streamlined process that ensures compliance while minimizing disruption to operations.

We set up a dedicated multichannel communication plan and customer support team to identify and collect Ultimate Beneficial Owners supporting information. In support of the program, a tailored client-centric data and documentation collection portal was delivered in just six weeks.

Activities undertaken included:

  • Dedicated document collection portal to allow for data and supporting document collection
  • Tailored client outreach via call and email to retrieve UBO information, with contact plans adjusted following the first cohort to increase the conversion rate based on the customer portfolio of the client
  • On-call analysis of client behavior to detect red flags as part of complementing the screening process
  • Analyzed and authenticated returned documentation in line with client policy
  • Implemented a leading politically exposed person (PEP) and sanction screening solution for screening of UBO information
  • Completed PEP and sanction screening and Level 2 alert investigations
  • Developed an escalation and exceptions process for suspicious activity and non-compliant accounts

“To enhance UBO identification and help streamline communication with 5,000 clients, with 600 screening alerts, ensuring compliance while minimizing disruption was key.”

Outcomes

We helped the client update and de-risk Ultimate Beneficiary Owners across the global corporate population:

5,000 customers contacted to identify UBO

600 screening alerts investigated

<6 months to completion (exceeding client objectives)

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