UBO: what and why

An UBO is the Ultimate Beneficial Owner of a company.
The Ultimate Beneficial Owner (UBO) is (i) any natural person who controls the company and/or on whose behalf a transaction is conducted. This includes at least any natural person who directly or indirectly holds more than 25% of the shares; or (ii) if there is no natural person who can be identified under point (i) as an UBO, the natural person or persons who exercise(s) the managerial function.
The Payconiq Merchant Contract must identify - in the context of the law to prevent money laundering, the financing of terrorism and to restrict the use of cash (abbreviated to the money laundering legislation) - all persons who fall into one or both of the above categories. This means that for each of these persons, their full details, including a copy of their proof of identity, must be provided.
For more information about exactly who an UBO is or who has to be designated within your company, non-profit organisation or foundation, please see the UBO manual of the Federal Public Service Finance website.

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