Tag: automated due diligence

Environmental, social and governance (ESG) factors are moving from the periphery to the core of Know Your Business (KYB) processes as regulators and stakeholders demand more transparency and accountability. For compliance teams, the focus is shifting beyond ownership structures and financial crime risk to incorporate ESG as a central pillar in client onboarding and monitoring.

The Common Reporting Standard (CRS) has significantly impacted financial institutions (FIs) globally, aiming to enhance tax transparency and cooperation among jurisdictions. Taiwan's Ministry of Finance, in a report issued in May 2024, highlighted several ongoing deficiencies in Taiwanese financial institutions' adherence to these requirements.