Direct vs. indirect ownership
→ Direct:
- You own shares of a company directly, i.e. in your own name
→ Indirect:
- An individual controls a company through another entity. E.g. You own shares of a company through a holding company.
Identifying ultimate beneficial owners (UBOs)
The ultimate beneficial owner (always a natural person) is an individual that either owns a company or otherwise exercises control over that company.
Why do I need to identify the UBOs?
Regulatory authorities require financial institutions to verify their customers, including identifying UBOs, to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Understanding ownership structures and identifying ultimate beneficial owners is essential for maintaining the integrity of the financial system and preventing financial crimes.
My company has indirect ownership
If your company has indirect ownership, we will ask you to submit a document that contains:
- Information about the company, the ultimate beneficial owner (UBO), and the ownership structure linking the UBO to the business.
- Business Name:
- Business Registration Number:
UBO 1:
Full Name:
Date of Birth:
Percentage of Ownership: (Percentage the UBO owns in the intermediary entity)
- Detailed description of the ownership structure from the ultimate beneficial owner (UBO) to the company.
- Include the names of all intermediary entities, such as holding companies or other entities through which the UBO holds ownership in the business. Indicate the percentage of ownership held at each level of the ownership structure.