Last updated: July 2021
Data should be structured and interoperable
- Beneficial ownership data should be available as structured data, with declarations conforming to a specified data model or template.
- Data should be available digitally, including in a machine-readable format.
- Data should be available in bulk, as well as on a per record basis, free of charge.
The utility of beneficial ownership data is enhanced when the data is available in a structured format. This allows the data to be easily analysed and linked with other datasets, enhancing the data’s ability to expose transnational networks of illicit financial flows and support effective and timely due diligence.
When beneficial ownership data is structured and interoperable it is also easier to verify, as a greater range of verification mechanisms can be used. The Beneficial Ownership Data Standard (BODS) is a template for publishing structured data about beneficial ownership in a format (JSON) that can be read and understood by computer systems around the world.
When data is machine readable and available in bulk, multiple declarations can be analysed together. This allows users such as Financial Intelligence Units and other government departments such as procurement agencies, banks, and journalists to apply data science and machine learning techniques to identify suspicious patterns of ownership or beneficial owners that appear on other datasets of interest (for example, sanctions lists).
Where the private sector and civil society have access to beneficial ownership data in bulk, evidence shows that innovations can drive development of new due diligence products and identification of potential corruption cases. Data should be available in machine-readable, bulk format, free of charge. Implementers can also consider making the data available through other modes, such as an Application Programming Interface (API).