Ultimate Beneficial Owner (UBO) verification is a critical component of anti-money laundering (AML) and Know Your Customer (KYC) regulations worldwide. Identifying and verifying the individuals who ultimately own or control a company is essential for transparency and accountability in financial transactions. Various jurisdictions have implemented UBO verification requirements to combat financial crimes, but the availability of these processes can vary. Here are some of the jurisdictions that might be available for UBO verification and the reasons behind their adoption.
The European Union (EU) has taken significant steps to standardize UBO verification. The EU's Fifth Anti-Money Laundering Directive (5AMLD) and the subsequent Sixth Anti-Money Laundering Directive (6AMLD) have established UBO registers in member states. Companies operating within the EU are required to identify and report their beneficial owners to these registers, thereby promoting transparency and accountability.
The United Kingdom operates a publicly accessible UBO register, making it a crucial jurisdiction for UBO verification. The register, established under the Companies (Amendment) Regulations 2016, is part of the government's efforts to combat money laundering and tax evasion. It requires companies to identify and register their beneficial owners, ensuring transparency in financial transactions.
Singapore has been recognized as a global financial hub, and it has taken measures to strengthen its AML and KYC regulations. The Accounting and Corporate Regulatory Authority (ACRA) in Singapore maintains a UBO register. Companies incorporated in Singapore must disclose their beneficial owners, enhancing transparency and preventing financial crimes.
To find a full list of the jurisdictions where we provide UBO verification services, click here.