Enhancing investigations: How a GCC regulator streamlined ownership tracing with ClarifiedBy
Read moreEfficiently establishing ownership and control of companies in the Middle East
The challenge:
The Dubai office of a US-based international law firm faced delays when onboarding clients in the Middle East, primarily due to challenges in verifying the ownership and control structures of companies in the UAE and Saudi Arabia.
This is a critical step to ensure compliance with the firm’s business acceptance and regulatory requirements. The lengthy process of gathering accurate and up-to-date information hindered the firm’s ability to onboard new clients promptly and efficiently.
The solution:
After a successful trial of Diligencia’s ClarifiedBy platform, the firm subscribed to the service, granting 24/7 access to all members of their Business Acceptance Unit. With access to over 20 million records, including detailed information on ownership, directors and holdings, the firm was able to quickly gather the required data for client onboarding. The platform provided the necessary tools to streamline the verification process, enabling the team to work efficiently and with confidence.
The result:
With the comprehensive and accurate information available via ClarifiedBy, the firm’s partners are able to complete client onboarding processes without unnecessary delays. They are able to make well-informed decisions based on reliable data, improving the firm’s ability to onboard clients promptly while ensuring full compliance with regulatory standards. This solution enhanced operational efficiency and client satisfaction, positioning the firm for continued success in the Middle Eastern market.