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Identifying the UBO — the challenge of finding the needle in the haystack

There is an increasing expectation on companies worldwide to understand who they are ultimately doing business with and the transparency of company ownership and control have always been a focal point under Anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) legislation.

These regulations require financial institutions to identify the real ownership of all assets by providing names of beneficial owners who are defined as individuals (or single individual) who ultimately own or control the legal entity, either directly or indirectly. This means the persons who control the actions of the company or trust and/or who ultimately receive the profits.