How to Use the Ultimate Beneficial Owner (UBO) Function

Summary

This guide explains how to use the Ultimate Beneficial Owner (UBO) function to automatically detect individuals who own 25% or more of an entity.

When to Use This

Use this feature when onboarding a company with complex corporate structures or multiple subsidiaries. It automatically cuts through intermediary chains to identify the ultimate owners without requiring you to manually order and review multiple individual corporate extracts.

Step-by-Step Instructions

1. While configuring checks in the Corporation Card, locate and select the Ultimate Beneficial Owner (UBO) option.
2. Proceed with sending the order.
3. The system automatically integrates directly with ASIC.
4. The tool will cut through all intermediary chains and subsidiary companies to identify the true ultimate beneficial owners within Australia.
5. Once processing is finished, navigate to your AML Summary to view the automatically determined UBOs who hold 25% or more of the root entity.

Common Questions

• What percentage of ownership triggers the UBO detection? The function identifies all beneficial owners shareholding percentage. You can then make the judgement on whether you do the relevant checks on them.
• Does the UBO function work for international companies? Yes, the system has access to offshore corporate data across more than 150 corporate registries globally to help detect international beneficial owners.

Troubleshooting Tips

• If the UBO function fails to detect any owners, verify that the initial ABN/ACN and legal name entered for the root entity are entirely accurate and currently active.