What is a UBO (Ultimate Beneficial Owner)?
A UBO, or Ultimate Beneficial Owner, is the individual who ultimately owns or controls a business. This could be through direct or indirect ownership of more than 25% of the business. Identifying the UBOs is a critical regulatory requirement designed to maintain transparency and prevent illicit activities such as money laundering and fraud.
Why Do We Need Information About UBOs?
1. Regulatory Compliance: AML (Anti-Money Laundering) laws mandate that financial institutions verify the identities of individuals who have significant control over a business. This helps ensure that all financial transactions are conducted by legitimate entities.
2. Security and Fraud Prevention: By verifying the UBOs, myPOS can protect the platform from being used for illegal activities. This process helps keep the financial environment safe and secure for all users.
Requirements for UBO Verification:
1. Identification Documents: Each UBO must provide a valid government-issued ID, such as a national ID card or passport with a picture. Note that a driver’s license is not accepted as a primary ID but may be used as a supplementary document.
2. Proof of Address: If the address is not listed on the provided ID, additional proof of address will be required. Accepted documents include utility bills, bank statements, or official correspondence that clearly state the address.
Process:
1. Initial Steps: After completing the online identification, you will need to provide myPOS with the necessary documents for each UBO who owns or controls more than 25% of the business.
2. Verification: Depending on the risk level, additional documentation might be requested to verify the permanent address of the UBOs. This could include documents from an independent source like a Trade Register.
3. Support: myPOS offers assistance throughout this process to help you complete the UBO Declaration. If you have any difficulties or questions, the myPOS team is available to help you at documents@mypos.com.
This process ensures that myPOS adheres to legal requirements while providing a safe and secure platform for all users.