Companies are required to identify Ultimate Beneficiary Owners of customers, suppliers and other third parties as part of their due diligence checks. The research and documentation process to identify the full ownership of your customers can be a tedious, lengthy process. CTOS can help simplify the entire due diligence process for your convenience via CTOS Ultimate Beneficial Owner (UBO) and Ultimate Beneficial Owner Map (UBOM) reports. Not only are these reports cost-effective and quick to generate, they are also presented in a user-friendly format to help you identify and validate crucial information easily.

► What is an Ultimate Beneficiary Owner (UBO)?

A UBO is the natural person who ultimately owns or controls a company on whose behalf a transaction is conducted. There is legislation in place so banks and corporations know precisely who they’re doing business with. Institutions within the scope of Anti-Money Laundering and Anti-Terrorist Financing regulations need to disclose the UBO’s identity for their business transactions.

► Why is a UBO check important?

It helps protect your company against unknowing related companies and individual who possible involvement in illicit activities such as money laundering, terrorism financing and more to avoid frauds, high fines, reputational damage and possible imprisonment. All companies operating internationally are required by law to draw up a UBO declaration establishing the identity of a UBO, depending on the country they are doing business in. This is so these companies comply with national and international laws on money laundering (AML), bribery and corruption and regulations.

► Benefits of CTOS UBO Report: