Criminals continuously employ complex business networks and shell firms to mask their identity, the origin of their cash, and the purpose of their funds.

To handle this, regulated institutions must do extensive checks when onboarding clients to catch whether they pose a compliance risk, which might cost money and reputational damage.

Vespia made the customer due diligence process effortless with an automated tool that provides access to all required data of the company and connected entities. Automate UBO checks to comply with regulations efficiently with Vespia. Here is how:

Acquire the company's credentials
With only a few steps and in less than 30 seconds, get complete records of the companies, such as company name, addresses, official status, and top management employees, and verify the records' accuracy.

Identify Ultimate Beneficial Owners
The ultimate beneficial owner is the person who ultimately has power over and reaps gain from a legal entity or a transaction.

Vespia's dashboard offers a designated part for UBO identification. After running a business check, you will find UBOs in the detailed verification report.

Conduct KYC/AML checks on all persons determined as UBOs
After screening the UBO list, know your customers better by running an AML and ID check for each person via Vespia's automated process.

While, theoretically, four steps do not seem too burdensome, in practical terms, UBO checks will add considerable costs, delays, and headaches to compliance teams and legal entity customers.

Automate AML screening processes
Vespia offers a proper automated system to help you decrease human error that may induce re-screening and assessment, causing a delay in starting a business.

Protect your business reputation
Vespia supports your decision of who you are doing business with, helps you reduce the risks, and makes it harder for fraudsters to cover wrongdoing.

Interested in getting a 360° overview? Know more about our KYC and AML processes.