A Person of Significant Control (PSC) is an individual who owns or controls a company. Identifying PSCs is a key requirement for AML compliance and ensures transparency in business operations.
Who Qualifies as a PSC?
A PSC is anyone who:
- Holds more than 25% of the shares or voting rights in a company.
- Has significant influence or control over the company’s operations.
- Controls a trust or firm that meets the above criteria.
Why Is Identifying PSCs Important?
- Ensures compliance with AML and transparency laws.
- Helps businesses assess client risks effectively.
- Prevents financial crime such as money laundering and fraud.
How to Identify PSCs
- Review official company records and shareholder agreements.
- Use reliable tools to verify beneficial ownership.
- Continuously monitor ownership structures for changes.
How Red Flag Alert Can Help
Red Flag Alert provides tools to identify and verify PSCs quickly and accurately. Our platform ensures compliance and offers real-time insights into corporate ownership.
Contact us today to learn how we can help you identify Persons of Significant Control.
