Business Registration Data as the Best Vehicle to Achieve KYC and AML for Business

Abstract

To achieve the corporate purpose of a company, it is necessary to follow the regulations that exist in its respective sector, which include not only the adoption of policies and protocols, but also the prevention of fraudulent activities, which can be done through a sufficient knowledge of the customer. It is of greater relevance in the case of insurance companies, which must sufficiently know their client, taking into account their transactions and activities, since the internal decisions that the company takes in relation to the risks it assumes are based on its own corporate governance policies. For this purpose, this chapter proposes the alternative of implementing RegTech tools through the adoption of a Single Business Registry. This registry contains all the required information from a company, including financial statements for the respective periods, which can be supplemented with records already existing in a country, as this would facilitate regulatory compliance.