UBOs

The "UBOs" screen allows users to manage their Ultimate Beneficial Owners (UBOs). The following fields are displayed on the screen:

• List of UBOs: This is a list of all the UBOs that have been added to the business.

• Add new UBO button: This button allows users to add a new UBO to the list.

Below is a list of reasons why someone can be classified as a UBO:

• Individuals who own at least 25% of the share capital.

• Individuals who exercise at least 25% of the voting rights.

• Beneficiaries of at least 25% of an entity's capital.

• Persons with power of attorney.

• Guardians of minors.

• Corporate directors or nominee directors are appointed to conceal the true owners of a given firm.

• Shareholders, including the holders of bearer shares, may be transferred anonymously.

Fields

The fields listed in the documentation may differ from those displayed in your profile. The specific fields required by the company you are onboarding with depend on their specific data needs.

If the user decides to add a new UBO, the following fields will be displayed:

• Given names: This field is used to enter the given names of the UBO.

• Surname: This field is used to enter the surname of the UBO.

• Date of birth: This field is used to enter the date of birth of the UBO.

• Why is this person referred to as a UBO?: This field is used to enter a brief explanation of why this person is considered a UBO.

UBOs

Users can select a new UBO from the previously defined list or add a new one. Users can also edit an existing UBO by clicking on the pencil icon next to their name.

It is important to ensure that all UBOs are correctly identified and recorded, as this information may be required for regulatory compliance purposes.

You can add a comment to the list if there are UBOs with less than 25% shares.

The message will be presented if you provide less than 75% of shareholders.

Notiification if list involves less than 75% of shareholders

Documents

In some cases, a business may be required to provide proof that someone is a UBO, such as when registering with a government agency, crypto cryptocurrency exchange, or opening a bank account. Users can upload proof of being UBO on the Business Documents tab, which is used to store important business documents. Users can upload digital copies of these documents for safekeeping and to provide to relevant parties upon request.