As a financial institution, we are legally required to identify and verify the Ultimate Beneficial Owners (UBOs) of our merchants. To fulfill this obligation, we ask that you provide the ownership percentage held by each UBO to confirm they meet the legal definition of a UBO.
What is an UBO?
An UBO is any individual who owns more than 25% of the shares in a company. Please list all individuals who own more than 25% of the shares in your company, along with their respective ownership percentages.
What if no one owns more than 25%?
If no stakeholder meets the 25% threshold, please designate a stakeholder as a pseudo-UBO in your organization. In this case, you do not need to provide a shareholding percentage.
For most private limited companies, a UBO is typically identifiable based on shareholding or control rights (more than 25% of the shares). However, for foundations, there often isn’t a UBO in the traditional sense. In such cases, a pseudo-UBO should be appointed.