Determining the ultimate beneficial owner (UBO) of individuals and companies your firm does business with can be a tricky thing.
What is ultimate beneficial ownership?
Beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted, according to the definition from the Financial Action Task Force. It also includes those persons who exercise ultimate effective control over a legal person or arrangement, the FATF said.
