The concept of Ultimate Beneficial Owners (UBOs) exists to prevent criminals from using complex structures or legal persons to conceal true ownership. In the same way you must identify and verify your clients, the Financial Intelligence Centre Act (FICA) requires that you verify the identity of all UBOs as well.
How can Accountable Institutions determine UBOs?
Determining a UBO is relatively straightforward for a publicly listed company or entities with clear direct shareholders, but it can become more complex for privately owned companies where ownership is concealed by layers of indirect ownership.
The nCino KYC compliance team has created a guide to assist you in identifying UBOs and uncovering ownership structures. The guide will help you better understand:
- Beneficial Ownership
- The Dilution Method
- The Beneficial Ownership Register
- Political / Prominent Exposure & Adverse Media Screening for UBOs
- Consequences of Non-Compliance
Request your copy below!
