Identifying Ultimate Beneficial Owners (UBOs) is a critical aspect of compliance for various reasons, particularly in the context of anti-money laundering (AML), counter-terrorism financing (CTF), and other regulatory frameworks. This article explores several key reasons why identifying UBOs is crucial. … Read More
UBO
How to verify Ultimate Beneficial Owners (UBOs)
UBO stands for Ultimate Beneficial Owner. It refers to the person (or persons) who ultimately owns or controls a company or legal entity. The UBO is the individual who enjoys the benefits of ownership, such as receiving profits or exercising … Read More
What is Beneficial Ownership?
In today’s complex economy, maintaining transparency and accountability in business transactions is crucial. One significant aspect of achieving these goals is through the concept of beneficial ownership. Beneficial ownership is a fundamental principle that allows for the identification of the … Read More
What is the difference between a Beneficial Owner and an Ultimate Beneficial Owner of a company?
What is a Beneficial Owner of a company? Beneficial ownership is distinguished from legal ownership, though in most cases, the legal and beneficial owners are one and the same. Legally, an ownership can be classified into two; (1) legal and … Read More
What is a company Ultimate Beneficial Owner (UBO)?
Any individual benefitting from, or who receives a positive impact from a company, is deemed an Ultimate Beneficial Owner. … Read More
Simplify Beneficial Owner Verification with NorthRow
One of the biggest challenges for compliance officers when onboarding businesses, is identifying and verifying the Beneficial Owners behind those companies. Compliance teams often have to navigate through complex corporate structure webs to understand the true risk associated with a business client. At NorthRow we saw an opportunity to simplify this process. We have developed an identification tool that delves into the complex ownership structure of your target organisation and returns a straightforward table containing the only UBOs that you are required to screen. Read our latest blog to learn more. … Read More
The Challenge of Beneficial Ownership
Ultimate beneficial ownership has never been more challenging for regulated businesses. A maelstrom of activity has created the perfect storm for the fraudster to take advantage. With an increase of digital platforms; rising numbers of first-time investors; and financial markets hitting a number of highs, against a lag in financial firms adopting digital transformation, the criminals are having a field day. Read our latest blog to learn more.. … Read More
Beneficial owners in a complex company structure
How do you identify beneficial owners and company directors in a complex company ownership structure? … Read More
Why Do Businesses Need to Do KYC AML Checks?
To build a strong and robust fraud-prevention system, companies need to incorporate effective anti-money laundering measures into their business processes. To do this, every company needs to know the process of how and when it should do AML and KYC checks. NorthRow works with organisations across multiple sector helping them to automated AML, KYC and IDV checks to streamline client onboarding, while helping to ensure compliance. … Read More