Video on Ultimate Beneficial Owners: Unveiling the real names
Video on Ultimate Beneficial Owners: Unveiling the real names
The key element of Customer Due Diligence before onboarding corporate customers is to identify Ultimate Beneficial Owners (UBO) and unveil their true identity to fight against money laundering and terrorist financing.
If UBO pertains to high risk, then the entity will also be treated as high risk, and Enhanced Due Diligence is to be conducted for both. UBO can only be a natural person. The following qualifies as UBO:
- If a natural person has 25% or more ownership interest in an entity through direct or indirect shareholding
- If a natural person holds 25% or more of the voting rights in an entity
- If a natural person has the right to appoint or dismiss a majority of the managerial persons in the entity
- If there is any other way by which a natural person exercises ultimate control over the entity
- If UBO cannot be determined, then a natural person holding a senior managerial position in the entity would qualify as a UBO
Chapters:
- 0:00 Introduction on Ultimate Beneficial Owner (UBO)
- 0:30 Keynotes around UBO & AML Compliance
- 1:39 Considering UBO by way of ownership
- 1:59 Considering UBO by way of voting
- 2:09 Considering UBO through controlling rights
- 2:31 Considering UBO by a senior management official
- 2:47 Short brief of Identification of UBO
Related Infographics
- Identify UBOs to complete your AML Customer Due Diligence process
- Elements of the Customer Due Diligence Process
- Know Your Customer (KYC) requirements under AML regulations in UAE
Related Templates
- UBO Register Template
Related Articles
- The Complete Guide to the Ultimate Beneficial Owner Verification
- What is Know Your Customer (KYC)?
- Money Laundering risk associated with nominee shareholders and directors
- What is Know Your Business (KYB)?
Related eBook
- A Complete Guide to Customer Due Diligence (CDD)
Related Laws, Guidelines, Rules, and Regulations
- Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures
Related Videos
- Know Your Customer process under UAE AML Regulations
- Avoiding Risky Business Relationships UAE AML/CFT Law
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This post first appeared on A Detailed Guide Of AML Compliance Requirements For Auditors And Accountants In The UAE, please read the originial post: here
