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Accurate, Reliable & Timely supply of Global Credit Information is our commitment - GlobalCIS®
Ultimate Beneficial Owner - Due Diligence Search ("UBO")
Under the Anti-Money Laundering Act, all banks and financial institutions globally are required to implement COMPLIANCE by way of performing checks on bank account owners which are in the name of domestic and / or international corporations.
i.e. Identify beneficial owners of legal entity customers.
The UBO Due Diligence requires identification of ANY corporate shareholding equal to or greater than 25%.
Even though these AML rules are greatly needed, anyone who has ever been tasked with this responsibility knows just how complex it can be to accurately identify UBO information.
Unfortunately today, there is no central global database or single independent source from which this information can be found, and most governments do not even require the information to be disclosed when a company is registered with statutory authorities.
The only way in which completely accurate and up-to-date UBO Due Diligence Reports can be completed is by conducting searches in statutory registries throughout the world. But due to the lack of computerization in many registries, often obtaining UBO data incorporates time-consuming manual searches.
A UBO Due Diligence Report will identify the corporate structures of ownership, and will in most scenarios identify the individuals who control and own the various businesses. Results can vary, depending on the statutory public disclosure laws.
Key sections of a UBO report include:
- Summary of Beneficial Ownership
- Summary of Organizations
- Summary of Shareholders (Corporate)
- Summary of Shareholders (Individual)
- Summary of Locations
EVERY UBO report is accompanied with a detailed diagram regarding breakdown of ownership.
High Risk - Level 1 PEP
- Heads of state and government
- Members of government (national and regional)
- Members of Parliament (national and regional)
- Heads of military, judiciary, law enforcement and board of central banks
- Top ranking officials of political parties
Medium Risk - Level 2 PEP
- Senior officials of the military, judiciary, and law enforcement agencies
- Senior officials of other state agencies and bodies and high ranking civil servants
- Senior members of religious groups
- Ambassadors, consuls, high commissioners
Medium Risk - Level 3 PEP
- Senior management and board of directors of state owned businesses and organizations
Low Risk - Level 4 PEP
- Mayors and members of local, country, city and district assemblies
- Senior officials of international organizations
What is the Turnaround time for freshly authenticated UBO reports?
The average Turnaround Time is between 2 to 5 days, depending on:
- number of international companies and countries involved
- complexity of ownership
Is PEP due diligence and option to be included in the UBO report?
Yes.
The standard UBO report does not included PEP due diligence.
However, a request to include PEP due diligence can be added by User's at the time of ordering the standard UBO report. (Additional charges do apply)
Should you have any further questions regarding this particular GlobalCIS® product, please log into our Queries section http://www.global-creditreports.com/home/contact.cfm, and submit your request.
One of our Credit Data & Product Specialists will be pleased to assist and reply to you within 24 hours.
