A UBO is the person or entity who ultimately owns or controls a company or asset, including any individuals who exercise ultimate effective control over a legal person or arrangement. This individual or entity may be different from the nominal or registered owner, who may hold the assets on behalf of the UBO. Understanding the identity of the UBO is important in anti-money laundering (AML) and countering the financing of terrorism (CFT) efforts as it helps to reduce the risk of illicit funds entering the financial system.
Financial institutions, including banks and other financial service providers, must identify and verify the UBO of their clients in accordance with KYC, AML and CFT regulations. This involves conducting due diligence to obtain and verify the identity of the UBO and to assess the money laundering and terrorism financing risks associated with the customer relationship. The identification and verification of UBOs is an essential component of a financial institution's overall AML/CFT compliance program.
Identifying Ultimate Beneficial Owner using FullCircl
Through the FullCircl web application and API, access one of the richest company datasets, with profiles on more than 5m+ UK companies. As well as key financial information, view company ownership structures and corporate groups including Persons of Significant Control, Shareholders, Corporate Family Tree, subsidiaries, portfolio companies and international UBO data.
Understanding ownership structures and beneficial ownership helps to:
- Improve customer onboarding
- Reduce risk through in-life monitoring
- Meet regulatory requirements
Visit https://fullcircl.com to find out more.