Compliance Consultancy
Risk management and Consultancy firm

UBO Register AML

In many nations, it is necessary to identify UBOs (Ultimate Beneficial Owners) to comply with laws and regulations. By promoting openness and accountability, identifying UBOs aids in the prevention of money laundering, terrorist financing, and other illegal actions. By spotting potential conflicts of interest or involvement in unlawful actions, it also assists firms in reducing reputational and financial risks.

What is a UBO register?

meaning of the ubo register 2019
A UBO register is a list or database of a company's or organization's ultimate beneficial owners. As needed by the rules and regulations of many nations, it is a tool used to aid in the identification and verification of UBOs. The UBO registration normally includes details like the UBO's name, birthdate, nationality, home country, and ownership or control stake.

UBO registers will assist in preserving trust in the integrity of business transactions and the financial system by allowing public access to beneficial ownership information, which allows greater scrutiny of information by civil society, the press, or organizations.

The registry is frequently kept up to date by the company owner and is subject to fines if not accurately and timely executed. The authorities might strike the companies from the official publications in case of intentional misuse. In certain cases the consultation is open to the public.

Why must financial institutions verify UBOs?

The main goal of UBO (Ultimate Beneficial Owners) verification in financial institutions is to adhere to anti-money laundering and counter-terrorism financing rules. It also enables organizations to evaluate risks and better comprehend the financial requirements of their clients. Verifying UBOs fosters accountability and openness and can aid in the prevention of fraud, corruption, and other illicit acts.
criminals money laundering ubo register exposure

In Europe, UBO verification through a registry was implemented in the AMLD4 and transposed into national laws of Member States.

How can Pideeco help you with UBO Register AML?

Pideeco’s decade-long experience in the financial sector and compliance can help your company to:

- Advise on accessing the Belgian UBO registry.

- Analyze your current UBO verification process and create a gap analysis along with a mitigating action plan.

- Draft or improve your current policies and procedures concerning UBO verification.

- Verify UBOs on your behalf.

- Perform a lookback on UBOs that are clients of your company.

- Assist you in the escalation process to the government if discrepancies occur.

Let us know how we can help! We'll get back to you lightning quick!

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