As is the nature of their business, Wingate deals with plenty of complex entities.

To meet AUSTRAC's Know Your Customer (KYC) and Anti-Money Laundering/Counter-Terrorism Financing Act (AML/CTF) requirements, Wingate was identifying and verifying their customers the hard way.

Manually finding out the beneficial owners of a business is time-consuming and requires a lot of tedious calculations. Wingate found CreditorWatch's UBO Report the smarter way to do their due diligence and stay compliant.

To save time, meet compliance requirements and gain a clear understanding of the corporate structure of a business, Wingate uses CreditorWatch's Ultimate Beneficial Owner's Report (UBO).

The UBO report helps Wingate understand the individuals involved in a company and how to structure their dealing with a potential client.

By just clicking a button in CreditorWatch, the UBO report fast tracks their client onboarding process without compromising on detail.

Jess from Wingate says:

“The UBO report is quite handy to look at a complex entity and see everyone who is involved. This helps us figure out where and who we want to be aligned with.

CreditorWatch's monitoring component also goes hand in hand with UBO to receive alerts on all entities involved.”

Why do you need to identify a beneficial owner? Find out here.