Ultimate Beneficial Owner


Also found in: Acronyms.

Ultimate Beneficial Owner

The person or company that owns a U.S. affiliate of a foreign company. The ultimate beneficial owner may not own the affiliate directly; for example, he/she may own 51% of a company that owns 51% of the U.S. affiliate.
References in periodicals archive ?
The Securities and Exchange Commission of Pakistan (SECP) issued a circular that instructed companies to uncover the layers of secrecy that hide the ultimate beneficial owners.
ISLAMABAD -- Maryam Safdar is the real and ultimate beneficial owner of the Avenfield apartments.
But papers from Roldugin's companies said: "The company is a corporate screen established principally to protect the identity and confidentiality of the ultimate beneficial owner of the company."
In the UAE, the free zones and the other competent authorities require all the details of the ultimate beneficial owner at the time of establishing a new entity or introduction of a new foreign shareholder in an existing company.
Letter Ruling 200201025 clarifies the meaning of the terms "ultimate beneficial owner" and "comprehensive income tax convention."
In order to ensure that criminals are not able to hide their identity through use of complex ownership structure of companies, partnerships, trusts or other similar forms, the financial institutions are now required to identify the ultimate beneficial owner. Financial institutions are now required to carry out self-risk assessment relating to money laundering and terrorist financing risks faced by them.
Last year, the JIT in its report had claimed Maryam is the real and ultimate beneficial owner of the Avenfield apartments.
To ensure that 'criminals are not able to hide their identity through use of complex ownership structure of companies, partnerships, trusts or other similar forms, the financial institutions are required to identify the ultimate beneficial owner, who is a natural person, of all legal persons and legal arrangements before offering their services to them'.
In October 2014, the US Department of Treasury placed Balec's ultimate beneficial owner (UBO) Issa Al-Zeydi together with Ioannis Ioannou, and two Cyprus-based companies, Piruseti Enterprises Ltd and Frumineti Investments Ltd, in the list of specially designated nationals of the US Department of Treasury, citing support, including "financial, material, or technological" to the Assad regime on behalf of which they acted.
In China, Taiwan, Korea, Germany, the UK and the US, among other countries, the norms pertaining to onshore KYC requirements for ODI issuers do not compulsorily require disclosure of details about the ultimate beneficial owner, as per an analysis by Sebi.