White Paper

The Kyckr Guide To UBO Verification

Financial Crime
July 24, 2023

A universal definition of the term ultimate beneficial owner is the natural person or persons who directly or indirectly own or control an asset such as a corporate entity or property.

Regulation focuses on those shareholders whose control is significant and who ultimately can influence and benefit from the activities of the enterprise. Control of a business however is often not held by the legal owner but by a ‘Person of Significant Control (PSC)’. Regulations recognise the difference between ownership and control and from a compliance perspective, there is a need to identify both for checks.

US, EU and UK regulators agree that a beneficial owner is someone who owns 25% or more of the share capital and/or voting rights, although in some higher risk cases financial institutions such as banks may set an even lower threshold such as 10%.

Identifying and verifying beneficial owners or persons of significant control remains a significant challenge for compliance teams.

This guide is designed to give practitioners some practical pointers and advice to help them navigate the process.

In it, you will learn:

  • What global anti-money laundering (AML) regulations say about verifying UBOs
  • Why finding independent and verifiable UBO data remains a key challenge
  • What to look out for when manually unwrapping ownership structures
  • How to automate this process and save hours per case using Kyckr’s solution

Download your copy of the guide using the adjacent form.

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