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G2 Helps Banks Enhance KYC With Scan for Panama Papers BusinessesBELLEVUE, Wash., May 10, 2016 /PRNewswire/ -- 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. Logo - http://photos.prnewswire.com/prnh/20160509/365446LOGO 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 o 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:
To learn more about G2's KYC Solutions, contact us at [email protected] or visit g2kyc.com. Media Contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/g2-helps-banks-enhance-kyc-with-scan-for-panama-papers-businesses-300265709.html SOURCE G2 Web Services |