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KYC to be enhanced with G2's Scan for Panama Papers Businesses

By CIOReview | Friday, May 20, 2016

BELLEVUE, WA: 200,000 offshore businesses linked to the Panama Papers investigation were revealed by International Consortium of Investigative Journalists (ICIJ). Banks and payment processors can be helped by G2 Web Services in inspecting their portfolios for these businesses as part of their Know Your Customer initiatives.

The identities of shareholders and directors of 214,000 shell companies, foundations and trusts has been revealed by the leaked documents which are set up in 21 tax havens. High risk can be indicated by business registration in a tax haven, while it is legal to use offshore structures. Additional due diligence must be triggered by banks working with these kind of businesses. Banking clients are helped by G2 in screening their business customers against a wide array of current and historical risks. G2 data, technology, and experienced team assist risk professionals and business managers to make smart decisions regarding their customer portfolio,” explained Allison Guidette, CEO, G2 Web Services. G2 is a provider of due diligence and monitoring solutions for banks, processors and their downstream partners and helps banks in boarding, during periodic reviews and on an ongoing basis risks.

"G2 has for the last 12 years stayed on the cutting edge of risk data for our financial services clients. With the addition of the Panama Papers data, G2 continues to allow our clients to make risk-based decisions about the businesses they serve,” said Dan Frechtling, senior vice president of Marketing and CPO, G2. Banks are helped in enhancing their BSA/AML compliance as well by G2 KYC Solution. Other solutions of this solution includes reputation monitoring, business classification, business customer monitoring, and KYC risk score.

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