Public data is a term that covers information that’s lawfully available to the general public and can be accessed without restrictions or special permissions. It is a valuable and convenient resource for Know Your Customer (KYC), due diligence (DD) and compliance processes.

This data is often provided by government agencies, regulatory bodies and publicly accessible databases such as a Public Register. In the context of financial crime prevention, public data includes corporate registry filings, court records, sanctions lists, politically exposed persons (PEP) lists, regulatory enforcement actions and adverse media reports. 

Organizations use public data to verify customer identities, assess risk levels and detect potential financial crime links. For example, financial institutions rely on public data sources to confirm beneficial ownership structures, identify connections to sanctioned entities, and conduct background checks on counterparties.

While public data is widely available, its accuracy and reliability can vary depending on the source. So, it is absolutely critical that Compliance teams ensure that the data they use is up to date and relevant to their risk assessment processes.

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