UBO

UBO (Ultimate Beneficial Owner) is a person who becomes the ultimate beneficiary of a company when a financial institution processes its transaction. The rule about who becomes a UBO varies between jurisdictions, but most commonly, a UBO is an individual who owns at least 10-25% of capital or voting rights in a certain company (often, UBO is just a company’s owner). The UBOs introduction was initiated recently to avoid money laundering and other illegal activity in the financial area.