Verified

Measures should be taken to verify the data

  1. When the data is submitted, checks should be made to ensure values conform to known and expected patterns.
  2. Where possible, key information should be cross-checked against existing authoritative systems and other government registers
  3. Supporting evidence should be required to enable details to be checked against original documents.
  4. Measures should be taken to verify the identity of the person making the disclosure.
  5. After data has been submitted, it should be checked to identify potential errors, inconsistencies, and outdated entries, using a risk based approach where appropriate, requiring updates to the data where necessary.
  6. Mechanisms should be in place to raise red flags, both by requiring entities dealing with beneficial ownership data to report discrepancies and by setting up systems to detect suspicious patterns.

To maximise the impact of beneficial ownership registers, it is important that users and authorities can trust that the data contained in a register broadly reflects the true reality of who owns or controls a particular company. Verification is a combination of checks and processes that help ensure that beneficial ownership data is accurate and complete at a given point in time. Checks can be deployed at different stages in a declaration system with the aim of making data high quality and reliable, to create confidence in a register and to maximise its utility and impact.


Resources

Policy briefing: Verification of beneficial ownership data

A policy briefing on verification best practice, case studies and implementation.

View document

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