Why identifying corporate customers isn’t as easy as ABC
It’s not enough to just identify the company you’re doing business with. You must go even deeper and recognize the Ultimate Beneficial Owners (UBOs).
These are the natural persons who, as the term implies, ultimately gain the benefits associated with a company’s ownership or control.
Different jurisdictions can have varying definitions of who is a UBO. For example, in the EU a UBO is someone who owns more than 25% of a corporate entity.
Changing sanction lists: Which companies can I work with?
Organisations use sanction lists to ensure they don’t co-operate with customers, suppliers, subcontractors, other stakeholders or related important background influencers who have engaged in illegal activities and thus appear on a relevant sanction list.
Given the latest developments in Europe, many of the applicable sanctions lists are now being updated frequently.
List changes are being updated almost daily for both individuals and companies.