UBO

Ultimate Beneficial Owner

A UBO is the person who ultimately owns or controls a legal entity. Identifying UBOs helps prevent the misuse of corporate structures for illicit activity.

UBO identification is a key part of KYC and AML compliance. Banks often require ownership information and supporting documents when onboarding businesses.

Related Terms

KYC

Know Your Customer

KYC is the process financial institutions use to verify the identity of their customers. It's a key ...

CDD

Customer Due Diligence

CDD is the process of identifying customers and assessing the risk of their financial activity. It i...

AML

Anti-Money Laundering

AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising il...

Beneficiary

A beneficiary is a person or entity designated to receive funds, property, or other benefits from a ...

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