Ultimate Beneficial Owner
A beneficial owner is someone who ultimately owns or controls a company, association or other type of legal entity. A beneficial owner can also be someone who benefits from someone else acting on their behalf. Screen and monitor beneficial owners and alternative beneficial owners throughout the Nordics.
Ultimate beneficial owner screenings
Ultimate Beneficial Owner (UBO) screening gives you deeper insight into who owns or controls a company you are preparing to do business with.
Screening for beneficial owners is a mandatory requirement and part of the know your customer process (KYC) like PEP and Sanction screening.
With Pliance’s API you only need to enter an organizational number and get a list of all beneficial owners in that company. automate your screening process to ensure compliance and security in your business to avoid risks. You can even do it with webhooks.
What counts as a beneficial owner?
Definitions of UBO vary, but Pliance data stays on top of local definitions. Examples of UBO roles include
- Persons that own at least 25% of share capital
- Persons that exercise at least 25% of voting rights
- Beneficiaries of at least 25% of an entity’s capital
- Persons with power of attorney
- Guardians of minors
- Corporate directors or nominee directors that are appointed to conceal the true owners of a given firm
- Shareholders, including the holders of bearer shares that may be transferred anonymously
Why is screening Beneficial Ownership important?
UBO screening helps you identify who acutally controls the company and the risk associated with it. In some cases, criminals conduct transactions using proxies or corporate entites such as shell companies.
By investigating UBO, firms can address the risks posed by shell companiesm ensuring that they are not dealing with criminals that are musing corporate infrastructure to conceal their identities.
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