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

Erick Rincón Cárdenas, Valeria Martinez Molano

Research output: Chapter in Book/ReportChapterResearch

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.

Translated title of the contributionLos datos de registro empresarial como el mejor vehículo para lograr KYC y AML para las empresas
Original languageEnglish (US)
Title of host publicationAIDA Europe Research Series on Insurance Law and Regulation
EditorsPierpaolo Marano, Kyriaki Noussia
PublisherSpringer-Verlag Italia s.r.l.
Pages297-316
Number of pages20
ISBN (Electronic)978-3-030-85817-9
ISBN (Print)978-3-030-85816-2
DOIs
StatePublished - 2022

Publication series

NameAIDA Europe Research Series on Insurance Law and Regulation
PublisherSpringer
Volume6
ISSN (Print)2662-1770
ISSN (Electronic)2662-1789

All Science Journal Classification (ASJC) codes

  • Law

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