“Although there are already questions about whether the plan goes far enough, the additional funding and reform of suspicious activity reporting announced today is much needed to help tackle financial crime. Fraudulent and illegal activity is becoming increasingly sophisticated and is a real issue for businesses as well as individuals.
“Knowing who you are doing business with and identifying potentially harmful business practices is critical to protecting a company’s reputation and avoiding regulatory and financial penalties. The fight against economic crime is a shared responsibility, with private organisations also having an important role to play alongside Government.
“Now more than ever, businesses need to have robust compliance processes in place as part of their third party risk management. Access to data such as beneficial ownership, people with significant control (PSC) and Politically Exposed Persons (PePs) is vital to ensure transparency and provide a complete view of existing and future third party relationships.”
Chris Laws, Head of Third Party Risk & Compliance – UK at Dun & Bradstreet