UBO: What and why?

A UBO is the Ultimate Beneficial Owner of a company.

An Ultimate Beneficial Owner (UBO) is (i) any natural person who controls the company and/or on whose behalf a transaction is conducted. This includes anyone who directly or indirectly holds more than 25% of the shares; or (ii) if there is no-one that fits the description under point (i), anyone who exercise(s) the managerial function.

The Payconiq Merchant contract must identify - in compliance with money laundering legislation and to avoid terrorist financing - all persons falling into one or both of the above categories. This means that for each person, their full details, including a copy of their proof of identity, must be provided.

For more information on identifying a UBO in your company, non-profit organisation or foundation, please see the UBO manual on the Federal Public Service Finance website.