DEFINITION
Ultimate Beneficial Owner (UBO)
An ultimate beneficial owner is the natural person who ultimately owns or controls an entity, or the person on whose behalf a transaction is conducted, even when they are not the direct legal owner.
Synonyms
Beneficial Owner
Acronyms
UBO
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Synonyms
Beneficial Owner
Acronyms
UBO
Examples
The bank identified the UBO of the client company as a prominent foreign PEP not previously disclosed.
FAQ
How is UBO defined in different jurisdictions?
Definitions vary, but UBO is generally a natural person who ultimately owns or controls 25%+ of a company.
What is the UBO threshold for reporting in most jurisdictions?
The most common threshold is 25% ownership/control, but some jurisdictions go as low as 10% or look at other control factors.
How can banks verify UBO information provided by clients?
Banks can cross-check UBO data against company registries, conduct public records searches, and request documentation like ownership charts.
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