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How to Screen 5,000 Corporate Clients for Ultimate Beneficial Owners (UBO) in Under 6 Months

Global insurance broker screens 5,000 corporate clients for ultimate beneficial owners using automated PEP and sanctions screening

Industry: Banking, Financial Services & Insurance

5,000

customers contacted to identify UBO

600

screening alerts investigated

<6

months to completion

Challenge

Financial institutions—especially insurance brokers, banks, and investment firms—face significant regulatory and reputational risks when they don’t know who truly controls their corporate clients.

This global insurance broker and risk management firm managed a complex portfolio of over 5,000 corporate clients spanning multiple jurisdictions, industries, and ownership structures. Like many financial services organizations, it faced mounting regulatory pressure to strengthen its Ultimate Beneficial Owner identification and screening processes. It needed a streamlined communication plan to gather UBO information, screen these individuals against global sanctions lists, discount false positives, and efficiently share alerts with its risk department.  

This involved reaching out to over 5,000 corporate clients to collect the necessary information to be validated and analyzed.  

Solution

After evaluating multiple vendors, the client selected Concentrix based on our proven KYC platform, financial crime expertise, and ability to deliver a complete program—not just technology. Our approach combined secure technology, multi-channel client engagement, expert analysis, and a dedicated compliance team to deliver results in under 6 months.

We set up a dedicated multichannel communication plan and customer support team to identify and collect Ultimate Beneficial Owners supporting information. In support of the program, a tailored client-centric data and documentation collection portal was delivered in just six weeks.

Rather than a one-size-fits-all approach, we developed a tiered communication strategy based on client risk profiles and relationship characteristics:

  • Dedicated document collection portal to allow for data and supporting document collection
  • Tailored client outreach via call and email to retrieve UBO information, with contact plans adjusted following the first cohort to increase the conversion rate based on the customer portfolio of the client
  • On-call analysis of client behavior to detect red flags as part of complementing the screening process
  • Analyzed and authenticated returned documentation in line with client policy
  • Implemented a leading politically exposed person (PEP) and sanction screening solution for screening of UBO information
  • Completed PEP and sanction screening and Level 2 alert investigations
  • Developed an escalation and exceptions process for suspicious activity and non-compliant accounts

The solution provided a seamless, professional experience that reinforced the client’s brand while ensuring regulatory-grade security and documentation.

“To enhance UBO identification and help streamline communication with 5,000 clients, with 600 screening alerts, ensuring compliance while minimizing disruption was key.”

Outcomes

We helped the client update and de-risk Ultimate Beneficiary Owners across the global corporate population:

5,000 customers contacted to identify UBO

600 screening alerts investigated

<6 months to completion (exceeding client objectives)

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