UBO (Ultimate Beneficial Owner)
The real individual who ultimately owns or controls an account or company.
Detailed Description
UBO (Ultimate Beneficial Owner)
What does UBO stand for?
UBO stands for Ultimate Beneficial Owner.
Why is identifying UBOs important?
Identifying UBOs is crucial for combating financial crimes and ensuring transparency in financial transactions.
What percentage of ownership typically defines a UBO?
A UBO is often defined as someone who owns or controls more than 25% of an entity.
What challenges are faced in identifying UBOs?
Challenges include complex corporate structures, the use of intermediaries, and varying definitions across jurisdictions.
What are best practices for UBO compliance?
Best practices include maintaining accurate records, conducting regular audits, and implementing robust Know Your Customer (KYC) procedures.