07/04/22

UK: DSA unveils new standard for beneficial ownership data.

As published on ukauthority.com, Thursday 7 April, 2022.

The Data Standards Authority (DSA) has published a new standard for data on the ownership structures of properties and companies.

Named the Beneficial Ownership Data Standard (BODS), it has been endorsed by the DSA’s steering board and the Open Standards Board.

The DSA said it will support transparency in corporate governance and help government in dealing with dirty money and corrupt elites under the recently passed Economic Crime and Transparency Act. It can be used to create registers of beneficial ownership data that can be checked and reviewed with a dedicated tool.

According to a blogpost, it will also support the publication of relevant data in a machine readable format for others to analyse and share.

BODS has been developed by Open Ownership, a non-profit organisation supported by the Data Standards Working Group, and selected after consultations with the public and private sectors and academia, in a challenge run by the DSA and the Government Digital Service’s international tam.

In addition, the Central Digital and Data Office has published a guide on the use of beneficial ownership data.