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Ultimate beneficial owner (UBO)
François Cosnier avatar
Written by François Cosnier
Updated over 2 months ago

The term Ultimate Beneficial Owner (UBO) refers to:

  • A natural person who, directly or indirectly, owns or controls a company with more than 25% of the company's shares or voting rights; or

  • A natural person on whose behalf a transaction is being conducted.

Regulated payment institutions, such as iBanFirst, are mandated by regulators to identify and verify UBOs in accordance with their Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorism Financing (CFT) obligations.

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