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UK Government Wants Banks to Ensure Integrity of Beneficial Ownership Database

By Koos Couvée

U.K. officials plan to task financial institutions with reporting any discrepancies between the due-diligence data they obtain from their legal-entity clients and the data those same clients submit to Companies House, which administers Great Britain's corporate registry. Under the plan, which the U.K. government published Sunday, banks and other firms covered by anti-money laundering rules would report "anomalies or discrepancies" found "in any area" of the public registry, including variances that may indicate an attempt to underreport a company's annual revenue or obscure the personal details of its directors and shareholders. "Introducing a formal feedback process will strengthen the quality...

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