About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Alacra Eases Access to Companies House Client Due Diligence Documents

Subscribe to our newsletter

Alacra has improved access to due diligence documents for UK domiciled firms by integrating the beta version of Companies House application programming interface (API) with the Alacra Compliance Enterprise (ACE) platform that provides Know Your Customer and client onboarding services. The company, recently acquired by compliance platform provider Opus, is also working with Companies House to add beneficial ownership information to ACE.

The Companies House API replaces searches for companies and documents that had be made one at a time and provides the ability to search for data on multiple entities simultaneously and streamline the acquisition of due diligence documents.

Alacra has been working with Companies House to integrate the API with ACE since late last year and now includes the UK information in its workflow. Steve Goldstein, vice chairman of Opus, says: “Faster, better and smarter ways to access this critical information will provide tremendous benefits to our customers. They can search and grab documents easily, saving costs and time, and reducing errors.”

Companies House is also developing a registry of persons with significant control, or beneficial ownership, of UK domiciled firms. Alacra will integrate this information with ACE over the next few months. The information supports compliance with European regulations such as the Fourth Anti-Money Laundering Directive, which requires companies onboarding customers and counterparties to collect beneficial ownership information about them. In the US and following the Panama Papers incident, the Treasury and Financial Crimes Enforcement Network (FinCEN) are working on similar rules that are likely to come into force in the next six months.

Goldstein comments: “It is important for companies to understand who they are dealing with and be confident that the information they have is accurate. Companies House is emerging as a leader in making this kind of beneficial ownership information available and we plan on integrating the data into ACE. This is a big win for our customers.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: In data we trust – How to ensure high quality data to power AI

Artificial intelligence is increasingly powering financial institutions’ processes and workflows, encompassing all parts of the enterprise from front-office to the back-office. As organisations seek to gain a competitive edge, they are trialling the technology in variety of ways to streamline and empower multiple use cases. Some are further than others along the path to achieving...

BLOG

Fenergo Enhances Financial Crime Compliance Capabilities with Agentic AI Integration

Fenergo has introduced an updated financial crime solution – the FinCrime Operating System (FinCrime OS) – featuring a new agentic AI layer aimed at significantly improving operational efficiency within financial institutions. This development comes against a background of spiralling operational costs and rising compliance demands enhanced by geopolitical tension and regulatory flux. Marc Murphy, CEO,...

EVENT

AI in Capital Markets Summit New York

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Solvency II Data Management Handbook

Want to get a handle on Solvency II and what it means for data management? Need to make sure you have all the bases covered for the looming January 2016 deadline? Our Solvency II Data Management Handbook is now available for free download to help you. This Handbook is the ultimate guide to all things...