Does your business conduct know your customer or customer due diligence checks on clients? If so, you need tools to identify the ultimate beneficial owners (UBOs) of the companies you work with.
If you don’t, you could contravene anti-money laundering regulations and face criminal charges.
Red Flag Alert provides a quick and easy way to look up the ultimate beneficial owner of any UK business.
An ultimate beneficial owner is any person that owns at least 25% of a company’s shares or holds 25% of voting rights over a business. This information isn’t always clear because some assets are legally owned by a different party.
Red Flag Alert provides data on every UK company. This includes corporate linkage information that allows you to understand the relationships between different business entities and their directors.
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Understanding who has significant control over the businesses you work with is useful for any company. It helps you assess who you should and should not do business with.
Customer due diligence is required by law in some industries. Companies in the following sectors must have tools to identify ultimate beneficial owners to remain compliant:
Find the company using their name or company number. Click on the relevant company to bring up a report.
Failure to comply with UK anti-money laundering regulations can result in a prison sentence of up to 14 years or a hefty financial penalty.
In December, National Westminster Bank (NatWest) was fined nearly £265 million for anti-money laundering failures.
Understanding ultimate beneficial ownership is complex. Companies House does a good job of recording and displaying corporate ownership. But corporate structures are set up to enable fraud and financial crime by masking the true beneficiaries behind a business.
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