Beneficial ownership data verification Key concepts, practical steps and the importance of structured data Stephen Abbott
This session looked at various BO data verification challenges, at policy, technical and practical level, international practice, and different enforcement and verification mechanisms to enhance BO transparency.
Some of the issues that were considered during this session include:
- The extent of complexity of ownership and control structures;
- How and when the BO data should be verified?
- Which authority should be held responsible to verify the BO information?
- Best practices on BO data verification, including digital and interoperable registers and cross-checking;
- The role of civil society, competent authorities, Financial Institutions, and Designated Non-Financial Businesses and Professions (DNFBPs) in BO data verification and
- Sanctions and penalties for non-compliance with the BO disclosure regime.