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.