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G2 Helps Banks Enhance KYC with Scan for Panama Papers Businesses

Post Categories: Blog

BELLEVUE, Washington — May 10, 2016 — Yesterday the International Consortium of Investigative Journalists (ICIJ) revealed 200,000 offshore businesses linked to the Panama Papers investigation. G2 Web Services can help banks and payment processors inspect their portfolios for these businesses as part of their Know Your Customer initiatives.

 

The leaked documents reveal the identities of shareholders and directors of 214,000 shell companies, foundations and trusts set up in 21 tax havens. While it is legal to use offshore structures, business registration in a tax haven can indicate higher risk and should trigger additional due diligence by banks working with those businesses.

 

G2, a provider of due diligence and monitoring solutions for banks, processors and their downstream partners, helps clients screen their business customers against a wide array of current and historical risks at boarding, during periodic reviews and on an ongoing basis.

 

“G2 has for the last 12 years stayed on the cutting edge of risk data for our financial services clients,” said Dan Frechtling, senior vice president of Marketing and chief product officer at G2. “With the addition of the Panama Papers data, G2 continues to allow our clients to make risk-based decisions about the businesses they serve.”

 

G2 KYC Solutions help banks to enhance BSA/AML compliance with comprehensive and cost-effective screening services for their business customers, including:

  • Reputation Monitoring: uses Complaints Monitoring and Negative News to identify any business customers that warrant further investigation based on a review of complaints, ratings and negative news from thousands of industry-leading sources
  • Business Classification: improves accuracy of NAICS classification and reveals prohibited and restricted customers in a bank or processor’s portfolio
  • Business Customer Monitoring: provides ongoing business customer monitoring based on G2’s proprietary risk and compliance database with more than 11 years of data on millions of businesses
  • KYC Risk Score:  pinpoints business customers that may require EDD

 

To learn more about G2’s KYC Solutions, contact us at kyc@g2llc.com or visit g2kyc.com.

 

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