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

Erick Rincón Cárdenas; Valeria Martinez Molano

doi:10.1007/978-3-030-85817-9_13

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/Inform › Chapter › Research

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 contribution	Los datos de registro empresarial como el mejor vehículo para lograr KYC y AML para las empresas
Original language	English (US)
Title of host publication	The Governance of Insurance Undertakings
Editors	Pierpaolo Marano, Kyriaki Noussia
Publisher	Springer-Verlag Italia s.r.l.
Pages	297-316
Number of pages	20
ISBN (Electronic)	978-3-030-85817-9
ISBN (Print)	978-3-030-85816-2
DOIs	https://doi.org/10.1007/978-3-030-85817-9_13
State	Published - 2022

Publication series

Name	AIDA Europe Research Series on Insurance Law and Regulation
Publisher	Springer
Volume	6
ISSN (Print)	2662-1770
ISSN (Electronic)	2662-1789

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 11 Sustainable Cities and Communities

All Science Journal Classification (ASJC) codes

Law

Access to Document

10.1007/978-3-030-85817-9_13

Cite this

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title = "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.",

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Business Registration Data as the Best Vehicle to Achieve KYC and AML for Business. / Cárdenas, Erick Rincón; Molano, Valeria Martinez.
The Governance of Insurance Undertakings. ed. / Pierpaolo Marano; Kyriaki Noussia. Springer-Verlag Italia s.r.l., 2022. p. 297-316 (AIDA Europe Research Series on Insurance Law and Regulation; Vol. 6).

Research output: Chapter in Book/Inform › Chapter › Research

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

Abstract

Publication series

UN SDGs

All Science Journal Classification (ASJC) codes

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