Latest news with #UBO
Yahoo
07-05-2025
- Business
- Yahoo
Lucinity and Creditinfo Partner to Integrate PEP Screening Seamlessly into AI Workflows
Lucinity REYKJAVIK, Iceland , May 07, 2025 (GLOBE NEWSWIRE) -- Lucinity, a global leader in AI-driven compliance software, has partnered with Creditinfo, a trusted and leading provider of credit and risk intelligence solutions, to integrate access to localized Know Your Customer (KYC) data from Creditinfo directly into Lucinity's end-to-end compliance platform. This strategic partnership enables financial institutions to automate KYC checks—including PEP screening, watchlist monitoring, reliability assessments, and UBO insights—across onboarding, ongoing monitoring, and investigations, all within a single, intuitive interface. Until now, many compliance teams have struggled with fragmented workflows when it comes to Know Your Customer (KYC) checks. They've had to rely on standalone systems, manually reconcile KYC data with their case investigations, and perform periodic re-checks without automation. Lucinity and Creditinfo are solving these challenges by embedding high-quality, localized KYC data from Creditinfo—including PEP screening, watchlist monitoring, reliability assessments, and UBO information—into Lucinity's holistic Case Management and Transaction Monitoring systems, powered by AI. Within Lucinity's AI workflows, KYC data becomes an actionable input—automatically adjusting risk scores, triggering alerts, and adapting recommendations as new information becomes available. Through the integration with Creditinfo's API, financial institutions can automate checks during onboarding, schedule periodic refreshes, and run on-demand lookups for counterparties. Key KYC indicators—such as PEP status—are also flagged directly in Case Management and Customer 360, helping analysts make better-informed decisions without switching between systems. Already offering real-time fraud detection through a partnership with Sift and real-time sanctions screening through Neterium and Facctum, Lucinity continues to build a network of integrations that simplify compliance while strengthening effectiveness. By consolidating tools that were previously siloed, Lucinity helps financial institutions cut costs, reduce context-switching, and focus on high-value investigations. Guðmundur Kristjánsson, founder and CEO of Lucinity, shared his perspective: 'We kept hearing the same story from our customers — they had great separate financial crime tools, but none of them were connected with each other. This integration with Creditinfo brings the data and workflow together so compliance teams can focus on analysis, not data gathering.' Creditinfo brings its strengths in reliable, frequently updated, and geographically relevant PEP data, with a special emphasis on regional accuracy in markets like Iceland with their proprietary Icelandic PEP database. This partnership reflects Creditinfo's growing role as an essential data provider in the global compliance ecosystem. Hrefna Ösp Sigfinnsdóttir, CEO of Creditinfo in Iceland, commented, 'We believe compliance shouldn't be complicated. By partnering with Lucinity, we're putting the right data exactly where it's needed.'
Yahoo
29-04-2025
- Business
- Yahoo
Panama Takes Aim at ‘Invisible' Owners in Fight Against Illegal Fishing
At the Our Ocean Conference, Global Fishing Watch CEO Tony Long applauds Panama's commitment to ultimate beneficial ownership BUSAN, Republic of Korea, April 29, 2025 (GLOBE NEWSWIRE) -- The Government of Panama today strengthened its commitment to a transparent and sustainable ocean future by announcing new efforts to tackle illegal, unreported and unregulated fishing (IUU). The announcement, made at Our Ocean Conference, in Busan, Republic of Korea, spotlights Panama's ambitions to establish clearer and more accessible vessel ownership records through improved data collection and digitization processes. In this manner, Panama is taking critical steps towards achieving ultimate beneficial ownership (UBO) transparency and ensuring increased accountability of its fleet and better ocean governance. Ultimate beneficial ownership — the ability to identify the true individuals profiting from fishing operations — is a cornerstone of effective and transparent ocean governance. It is especially important in the advancement of our sustainable ocean goals. But a lack of transparency in UBO is currently undermining global efforts to manage marine resources sustainably and equitably. Indeed, this is one of the reasons why UBO is a fundamental pillar of the Coalition for Fisheries Transparency's Global Transparency Charter. Without access to UBO information, Flag States are frequently unable to effectively sanction the person or people that actually benefit from the breaking of fisheries laws, particularly when vessels operate through opaque corporate structures. This allows unscrupulous actors to evade accountability, threaten marine biodiversity and negatively impact the livelihoods of those fishers who do follow the rules. Worse still, enforcement often targets vessel crew and operators rather than the true beneficiaries, perpetuating cycles of exploitation without addressing root causes. Through its renewed ambition, Panama has signalled that it is now working to strengthen due diligence by verifying vessel ownership and reviewing UBO information as part of license granting procedures. By standardizing and automating these processes, and aligning with international best practices, Panama is ushering in a new era of accountability at a crucial time. But Panama's commitment is not just good news for Panama — it's a powerful example of good ocean governance for other countries too. As we look ahead to the upcoming United Nations Ocean Conference (UNOC) in June, Member States have an opportunity to follow Panama's example and lead a transparency revolution in ocean governance. By embedding UBO requirements into national legislation and international agreements, the global community can take a decisive step toward ending IUU fishing and ensure the fair, sustainable use of our ocean's resources. Attachments Panama Takes Aim at 'Invisible' Owners in Fight Against Illegal Fishing Panamá apunta a los propietarios «invisibles» en la lucha contra la pesca ilegal CONTACT: Andrew Zaganelli Giacalone Global Fishing Watch +49 01626570109 in to access your portfolio
Arab News
15-04-2025
- Business
- Arab News
Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF). UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation. 'In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,' the SECP said in a statement. 'This information can be accessed by Financial Institutions, as and when required.' Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of 'strategic counter-terrorist financing-related deficiencies.' 'In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan's commitment to global best practices but also strengthens investor confidence in the country's financial ecosystem,' SECP said. The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan's 'Anti-Money Laundering and Countering the Financing of Terrorism' framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.
