To comply with regulatory requirements, it's crucial to identify and declare the Ultimate Beneficial Owner (UBO) of your company. This ensures transparency and helps prevent financial crime.
What is an Ultimate Beneficial Owner (UBO)?
An Ultimate Beneficial Owner (UBO) is a natural person who ultimately owns or controls a legal entity. Specifically, for the purpose of our platform, a UBO is defined as an individual who:
- Owns at least 25% of the company's capital (shares), OR
- Exercises at least 25% of the voting rights within the company.
It's important to identify all individuals who meet these criteria.
Why is UBO Declaration Important?
- Regulatory Compliance: Declaring your UBO helps us comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
- Transparency: It promotes transparency in business ownership, which is vital for a secure and trustworthy marketplace.
UBO Declaration for Legal Business Users
All Legal Business users on our platform are required to have their UBO declaration validated. This is a mandatory step to ensure your account remains active and in good standing.
How to Declare Your UBO
You will be prompted to provide your UBO information during the account verification process. Please ensure the information provided is accurate and up-to-date. We may request supporting documentation to validate your UBO declaration.