Fraud Risk Detection

BIPs are instrumental in providing updated, accurate and comprehensive information on businesses, which is not only used for creditworthiness assessment but also by obliged entities having to comply with provisions of the Anti-Money Laundering (AML) directive, anti-bribery laws, etc. and more generally by businesses that have implemented due diligence processes before entering into / during a business relationship.

For example, ensuring a consistent and coherent access to beneficial ownership information by BIPs would guarantee enabling service continuity for obliged entities and Financial Intelligence Units (FIUs) and thus prevent prejudicial disruption. In this respect, getting full access to effective, updated, and accurate beneficial ownership information is key for BIPs, who act as a trusted third-party information provider for entities that have implemented due-diligence processes and have therefore a legitimate interest in accessing this information.