Owners & representatives

EU’s 5th AMLD requires gathering of information regarding beneficial owners of company clients. If beneficial owners are not known – the company’s representatives should be checked.

Beneficial owners & representatives

InstantWatch KYC Screening and InstantWatch AML can now retrieve beneficial owners and representatives of Swedish and Norwegian company clients, keep them updated and screened daily against PEP and sanctions lists.

The InstantWatch KYC Screening service is already used for the retrieval of owners and representatives of Swedish and Norwegian companies and organisations. The lists in InstantWatch KYC Screening save a lot of work for banks and financial firms compared to asking company clients about beneficial owners, and to verify the answers.

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Product Sheet
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Some short facts about the list of owners and representatives:

  • Information of all legal owners behind 50,000 Swedish unlisted limited liability companies with a turnover > SEK 10 million or a certain size of equity or subsidiaries with significant minority shareholders.
  • Information of all legal owners behind all Norwegian unlisted limited liability companies
  • For smaller Swedish companies, we estimate that future availability of beneficial owners will be sufficient.
  • All representatives from Swedish and Norwegian companies and associations.
  • A complete picture of both the board and owners, when onboarding and daily.

InstantWatch KYC Screening – an internet based service

Screening of clients can be done in several different ways. A prospective client can be screened using the web browser interface. It is easy to integrate other systems to the InstantWatch KYC Screening web service interface. KYC-screenings of a client can be done in real time, for example in an automatic onboarding process and from payment services or for screening of the full client base in a batch.

InstantWatch AML – fetches owners and representatives automatically

Trapets full AML/CTF service, InstantWatch AML, is integrated with the KYC Screening service and screens the client base in a batch every night automatically. Owners and representatives are fetched from the KYC service and can be added to the client database with special customer types. Owners and representatives will thus automatically be screened against sanctions and PEP lists and any hits will generate an alert.


Upcoming registers of beneficial owners and representatives

The Fifth EU AML Directive enacts new rules on beneficial ownership identification and recordkeeping requirements regarding ultimate beneficial ownership. This means that lists of beneficial ownerships will be set up in every member state. The lists will contain records of ultimate beneficial ownership reported by the obliged entities in that state. The lists will hopefully be available during 2020. Trapets’ KYC service will include these lists as well when they become available.

Every day more than 60 billion pattern analyses are carried out on 3 billion transactions within InstantWatch for our customers.

How do I get started?

Owners and representatives can be provided as an internet service hosted by Trapets. This is the quickest way to get started. Privacy and security is taken care of by the system and by Trapets. InstantWatch can, as an alternative, be delivered to and hosted by the customer. The delivery project is quick and efficient and the customer can be up and running within weeks. Please contact Trapets for more information and pricing!

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