In our latest episode of RegTech Roundup - Financial Crimes edition, we delve into the challenges surrounding the collection of beneficial ownership data through centrally administered registries. Joining our host, Charlene Sebastian, in the discussion are Jennifer Arnold, Co-Founder & CEO of Minerva, and Matthew Van Buskirk, Co-Founder & CEO Regulatory, Hummingbird RegTech.

While centrally administered registries have the potential to enhance the overall data ecosystem, progress in this area has been slow. Data accuracy, currency, verifiability, privacy concerns, and the high cost of maintaining a central registry have hampered implementation progress.

Financial institutions (FIs) are now questioning the value of these registries if they cannot reliably address their Know Your Customer (KYC), Customer Due Diligence (CDD), and risk assessment requirements. Consequently, FIs are realizing the need to strengthen and streamline their beneficial ownership programs independently, without relying solely on registries as a solution.

 This discussion explores how FIs can harness AI-curated open-source data and workflow integrations to optimize their beneficial ownership data collection processes. By doing so, they can enhance compliance and generate additional revenue through improved data management and utilization. Please tune in to discover strategies for navigating this evolving landscape effectively with insights from our expert panelists, Jennifer Arnold and Matthew Van Buskirk.