Ultimate beneficial owner (UBO) refers to:

  • A natural person who, directly or indirectly, owns or controls a company, with more than 25% of company share or voting rights, or

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

Regulated payment institutions such as iBanFirst are required by regulators to identify and verify UBOs, as per their KYC, AML, and CFT obligations.

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