Beneficiary Check

A beneficiary check is the process of verifying the identity and legitimacy of the beneficiary involved in a financial transaction or asset transfer. This check helps ensure that the recipient does not pose a risk of financial crime or regulatory violation. Beneficiary checks are important for compliance with AML regulations, sanctions screening, and risk management practices.

Conducting thorough beneficiary checks helps organizations prevent fraud, mitigate risks, and comply with industry standards for customer and transaction verification.