Meet Alex—a compliance analyst onboarding a new corporate client. The company looks legitimate, but beneficial ownership is often more complex than it appears. With layers of holding companies and indirect stakeholders, missing key details could mean regulatory trouble—or worse. Fortunately, with the right system, Alex’s beneficial ownership reviews can be streamlined, secure, and insightful.
Alex’s Approach to Beneficial Ownership Reviews
Instead of hunting through emails and databases, Alex pulls director filings, shareholder lists, and organizational charts automatically from trusted global sources. This gives him an instant overview of the company’s structure and connections—even across multiple jurisdictions. Once the data is collected, Alex focuses on identifying individuals with 25% or more ownership or control. He cross-checks these key players against watchlists, sanctions, and adverse media to flag potential risks early.
To close the loop, Alex compiles findings into an audit-ready report—no manual spreadsheets or patchwork PDFs. With one click, he generates a detailed summary that tracks every step of his review, making audits painless and ensuring regulatory requirements are met. Real-time alerts and built-in compliance checks mean Alex stays proactive, not reactive.
Key Considerations for Complex Beneficial Ownership
Trusts, Shells, and Hidden Layers: Ownership isn’t always direct. Many firms use trusts or shell companies to obscure control. A robust compliance platform helps uncover indirect ownership and manage ownership percentages with transparency.
Global Variations in Ownership Laws: Each jurisdiction may have different thresholds and definitions for beneficial ownership. Your system should adapt to local regulations while maintaining a unified global view.
Dynamic Ownership Changes: Ownership structures evolve due to mergers, investments, and leadership shifts. Continuous monitoring ensures you catch changes that could impact compliance long after onboarding.
Make Compliance Your Strength
With iComply, beneficial ownership reviews become an integral part of a smarter, more secure due diligence process. Automating data collection and verification saves time, reduces errors, and keeps your compliance team a step ahead. Ready to transform your approach? Let’s get started.
Sarah, a compliance manager at a U.S. broker-dealer, had seen it all—delays, endless emails, and frustrated clients. She knew her team needed something better.
That’s when she found iComply.
Step 1: Simplify from Day One No more patchwork solutions. Sarah’s team set up iComply’s KYC and AML modules in days—not weeks. With custom workflows and a branded client portal, onboarding felt seamless, not stressful.
Step 2: Automate the Boring Stuff Instead of manually tracking sanctions lists or verifying documents, Sarah’s team let iComply handle it. Real-time alerts kept them ahead of risks, while audit-ready reports were just a click away.
Step 3: Keep It Secure, Keep It Compliant Data encryption, secure API integrations, and role-based access meant no more sleepless nights about data breaches or failed audits.
Quick-Start Checklist for Compliance Teams
Map your current onboarding process.
Enable only the compliance features you need.
Automate document requests and approvals.
Set up real-time alerts for PEPs and sanctions.
Customize reports for audit season.
In minutes, not months, Sarah’s team had a smarter compliance process that saved time and improved client trust.
Want the same results? Let’s make compliance seamless together.
Meet Alex—a compliance analyst onboarding a new corporate client. On the surface, the company seems legitimate, but Alex knows due diligence requires digging deeper to identify the true owners behind the business. The process can feel like chasing puzzle pieces across multiple data sources and emails. Time-consuming, frustrating—and risky if something slips through the cracks.
But with the right system, Alex’s beneficial ownership review can be simple, thorough, and fast.
Alex’s Checklist for Beneficial Ownership Reviews
Gather Ownership Data: Enter company details and automatically pull director filings, beneficial owner lists, and corporate structures from trusted sources.
Verify Beneficial Owners: Identify individuals with 25% or more ownership and cross-check them against global watchlists, sanctions databases, and adverse media reports.
Document and Report: Compile findings and generate a complete audit-ready report in one click—no spreadsheets, no manual stitching of data.
A Better Way Forward
With iComply, Alex’s review is seamless, secure, and efficient. Automated data collection and verification help him spot risks faster, store everything in one place, and stay compliant with confidence. Beneficial ownership reviews don’t have to be a headache—they can be a key part of a smarter compliance strategy.
Ready to streamline your due diligence? Let’s make it easier to do the right thing. Contact iComply today.
The U.S. Financial Crimes Enforcement Network (FinCEN) has proposed new regulations requiring businesses performing Know Your Customer (KYC) checks to collect robust geolocation data. IP addresses alone are no longer sufficient due to their vulnerability to masking and manipulation. This regulatory shift aims to enhance customer verification and strengthen defenses against financial crime.
The Regulatory Shift: Why Geolocation Matters
IP addresses, long used to infer a user’s location, can be spoofed or masked by VPNs and proxies. FinCEN’s latest regulations call for more precise geolocation data as part of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) efforts. This ensures financial institutions can confidently verify where their users are located during key transactions.
iComply’s Advanced Edge-Computing Solution
To help our clients meet these new requirements, iComply has released a significant enhancement to our edge-computing platform, integrating:
Precise Geolocation Tracking: Uses multiple data points—including GPS and Wi-Fi positioning—for an accurate, real-time user location.
Device Fingerprinting: Creates a unique device profile based on hardware and behavior to detect fraud attempts and unauthorized access.
Live Biometric Verification: Confirms that the user completing verification is physically present and matches their registered identity.
Why This Matters to Your Business
Regulatory Compliance: Stay ahead of new FinCEN requirements with secure, compliant KYC workflows.
User-Friendly Experience: Our seamless integrations keep the verification process quick and frictionless for users.
Stay Compliant and Confident
The financial compliance landscape is evolving rapidly. iComply’s latest technology ensures you can meet these stricter regulatory standards without sacrificing security or user experience.
Get in touch today to learn how iComply can future-proof your KYC and KYB processes and keep your business compliant, secure, and trusted by your customers.
Mark is the founder of a growing logistics company, and after months of negotiation, he’s ready to seal a major partnership with a global distributor. But first, his company needs to undergo a Know Your Business (KYB) verification—a process he assumes will be long, tedious, and full of back-and-forth document requests.
Instead, Mark is about to experience how modern KYB technology makes business verification faster, simpler, and more secure.
A New Kind of KYB Process
In the past, Mark would’ve been asked to submit business registration papers, proof of ownership, and leadership information through email. On the other side, the distributor’s compliance team would spend days cross-checking everything manually, verifying documents, and screening for red flags.
This time, Mark receives a secure link to a KYB platform. The process is refreshingly simple:
Step 1: Mark enters his company’s registration number, and the system pulls verified data from official registries in seconds.
Step 2: He completes a quick biometric verification using his smartphone to confirm that he’s the authorized representative.
Step 3: The platform automatically runs global sanctions checks and searches for adverse media mentions.
By the time Mark finishes his morning coffee, the verification is done.
Instant Verification for Ownership and Key Personnel
KYB goes beyond company registration—it verifies who owns and controls the business. The platform prompts each key executive to complete their own ID verification remotely, ensuring they are who they claim to be.
Government-issued IDs are scanned and validated.
Biometric liveness detection confirms that the individuals are physically present.
The system’s secure, blockchain-backed ledger keeps records tamper-proof and ready for audits.
Cross-Border Compliance in Real Time
Mark’s company operates internationally, which means regulatory checks across multiple jurisdictions. Thanks to automation, the KYB system:
Cross-references corporate filings from various countries.
Screens against global sanctions and politically exposed persons (PEP) lists.
Ensures that beneficial ownership is transparent and compliant with regulations.
What once took days of manual research now happens in minutes.
KYB as a Business Enabler
Instead of being a bottleneck, the KYB process becomes a point of confidence for Mark and the distributor. By verifying his company’s legitimacy quickly and securely, the deal moves forward without delays.
For growing businesses like Mark’s, digital KYB isn’t just about meeting regulations—it’s about building trust and accelerating partnerships. With tools that combine biometric verification, automated regulatory checks, and secure data management, KYB is transforming from a necessary step into a competitive advantage.
Mark signs the contract that same afternoon, knowing his company’s reputation is as solid as the deal itself.
For industries like real estate, insurance, and lending, digital KYB solutions offer more than regulatory compliance—they enhance transparency, strengthen relationships, and foster faster, safer transactions.
When Mark, a cofounder of a fast-growing fintech startup in the UK, realized his company needed to adhere to the Financial Conduct Authority (FCA) standards for KYB, KYC, and AML, he was overwhelmed. As his business scaled rapidly, the complexities of compliance threatened to slow down operations and erode investor confidence. Here’s how Mark built an effective AML program that not only met regulatory requirements but also became a cornerstone of his company’s success—all with the help of iComply’s innovative platform.
Step 1: Understand the Regulatory Requirements
Mark started by diving into the regulatory frameworks his company needed to follow. In the UK, the FCA’s stringent requirements on KYB and KYC processes set the standard. Mark also reviewed global guidelines from the Financial Action Task Force (FATF) and the EU’s AML Directives to ensure his company’s policies aligned with international best practices.
Mark’s Checklist for Understanding Regulations:
Identify the specific regulations relevant to your industry and jurisdiction.
Consult official resources from regulatory bodies like the FCA or FATF.
Seek expert guidance or use tools that summarize complex requirements.
Step 2: Conduct a Risk Assessment
Next, Mark conducted a detailed risk assessment, analyzing his fintech’s customer base, transaction types, and geographic exposure. With iComply’s support, he categorized his customers by risk levels and identified high-risk activities requiring Enhanced Due Diligence (EDD).
Mark’s Checklist for Risk Assessment:
Map out your customer demographics and transaction patterns.
Identify high-risk geographies and customer profiles.
Document risks and prioritize them for action.
Step 3: Develop and Document Policies and Procedures
Mark knew that robust policies and procedures would be the backbone of his AML program. iComply’s policy and procedure documentation tools helped him create clear guidelines for:
Customer Due Diligence (CDD): Verifying identities and monitoring activities.
Enhanced Due Diligence (EDD): Extra checks for high-risk scenarios.
Use customizable templates to address specific business needs.
Ensure policies cover all required areas, from CDD to reporting.
Review and update documentation regularly.
Step 4: Appoint an AML Compliance Officer
Mark appointed Emily, a dedicated AML Compliance Officer, who used iComply’s tailored training resources to hit the ground running. Emily took charge of:
Implementing and managing the AML program.
Acting as the primary contact for regulators.
Ensuring the team’s adherence to policies.
Mark’s Checklist for Appointing an Officer:
Select someone with expertise in AML and compliance.
Provide them with authority and resources to act effectively.
Offer ongoing training and support.
Step 5: Train Your Team
Mark’s entire team needed to understand their roles in compliance. Using iComply’s AML training modules, he ensured employees could recognize and report suspicious activities.
Mark’s Checklist for Training:
Schedule regular training sessions tailored to job roles.
Include practical examples of red flags and reporting processes.
Update training materials as regulations evolve.
Step 6: Implement Technology Solutions
To support compliance, Mark integrated iComply’s platform into his operations. The platform provided holistic, integrated solutions to streamline and connect his KYB, KYC, and AML workflows. iComply provided:
Policy and Procedures: Streamlined creation of up-to-date workflow documentation.
KYB Automation: Onboard corporates and identify their directors, officers, beneficial owners, and other related parties.
AML Automation: Screen and monitor all clients and related parties in real time for new sanctions, political exposure, crime, money laundering and terrorist financing.
Audit Support: Tools for managing records and preparing reports for reviews.
Mark’s Checklist for Technology:
Identify gaps in your compliance processes that technology can address.
Select scalable, user-friendly solutions.
Test systems thoroughly before implementation.
Step 7: Monitor and Audit Regularly
Regular audits became a cornerstone of Mark’s compliance strategy. iComply’s platform helped him organize documentation and streamline audit preparation, ensuring a smooth process during regulatory reviews.
Mark’s Checklist for Monitoring and Auditing:
Conduct regular internal reviews of compliance practices.
Maintain a clear audit trail with organized records.
Engage third-party experts for independent assessments.
Step 8: Foster a Culture of Compliance
Mark and his cofounders led by example, embedding compliance into the company’s values.
Mark’s Checklist for Culture:
Communicate the importance of compliance at all levels.
Recognize and reward compliance efforts.
Encourage employees to report concerns without fear of retaliation.
Step 9: Report and Respond to Incidents
When suspicious activity arose, Mark’s team acted quickly. This ensured prompt submission of SARs and effective incident resolution.
Mark’s Checklist for Incident Response:
Establish clear procedures for identifying and reporting issues.
Train staff on how to handle incidents.
Review incidents to strengthen future prevention efforts
Step 10: Stay Current with Regulatory Changes
With iComply’s regulatory updates to their platform, Mark stayed ahead of new requirements. This proactive approach allowed his company to adapt seamlessly to evolving standards without the need for a big technical lift.
Mark’s Checklist for Staying Current:
Subscribe to updates from relevant regulatory bodies.
Participate in industry forums and workshops.
Regularly review and update AML policies
Building Trust Through Compliance
Thanks to iComply, Mark transformed a daunting compliance challenge into a streamlined, cost-effective process. His fintech now operates with confidence, meeting FCA standards and building trust with customers, investors, and regulators. By following Mark’s example, you too can create an AML program that safeguards your organization and supports sustainable growth.
“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.
