How company monitoring enhances your AML solution
(Looking for our article on PEP, Sanctions and Adverse Media monitoring – you can access it here)
A key element to any AML solution is to identify who the beneficial owners of a business are. Money launderers will use complicated ownership structures and shell companies to disguise who the ultimate beneficiaries of proceeds of crime are.
Historically the only way in which you could realistically keep track of ownership would be to traverse through Companies House records to understand underlying ownership structures. At most you would be able to do this once a year and the process of comparing the existing structure to what it was before is nearly impossible when complicated ownership structures exist.
By having a monitoring solution in place, not only are you provided with real time events when such events occur, but you can easily use the visualisation guide to inspect and document the changes.
Add companies to Xama monitoring
From a client record within Xama, you can easily add any company to monitoring. Use the “Start monitoring” link to confirm which registered company at Companies House you would like to monitor.
When changes to ownership structures occur, monitoring events will be created and you can view this within you Xama account either on:
- the Monitoring page which you can access from the top Xama menu.
- from each Client, where you will see a monitoring tab that displays monitoring events for that company.
From each monitoring event you can:
- Navigate to Companies House for further information
- Acknowledge the event once you have read and acted upon it if required
- Make any notes that might be relevant to that event
