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.