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

Upcoming Webinar: Best practices for compliance with EU Market Abuse Regulation

Date: 18 June 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation,...

BLOG

SmartSearch Sets Growth Plans Following Investment from Triple Private Equity

SmartSearch, a UK provider of digital compliance and anti-money laundering (AML) software, has received a large investment from Triple Private Equity. The private equity firm will gain a majority share in SmartSearch and work with the company to support its core markets and continued expansion following the release of its latest technology platform last year....

EVENT

AI in Capital Markets Summit London

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

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...