What's a beneficial owner and why does it matter?

It is crucial to know who you are doing business with. The Ultimate Beneficial Owner (UBO or BO) is the person or group of persons who own or control a company. Verifying the identity of these persons is required under the Customer Due Diligence(CDD) Rule, and therefore, is part of overall Know-Your-Business (KYB) compliance.

Although every country regulates who is considered a UBO, the most common case is a person or a business entity that holds 25% or more of the shares and/or voting rights in a company.