What is the UBO Declaration?
The UBO (Ultimate Beneficial Owner) Declaration is a mandatory requirement under Anti-Money Laundering (AML) laws. This declaration must be completed by the person who registers the company for a myPOS account. It clearly identifies the individuals who are the ultimate beneficial owners of the business — those who own or control more than 25% of the business.
Key Points:
1. Purpose: The UBO Declaration helps ensure compliance with regulatory requirements designed to prevent money laundering and other financial crimes. By identifying the ultimate beneficial owners, myPOS can maintain a secure and compliant environment.
2. Requirements: The person registering the company must provide detailed information about the UBOs. This includes official identification documents such as a national ID card or passport for each individual who owns or controls more than 25% of the business. Note that a driver’s license is not accepted as the primary ID but may be used as a supplementary document.
3. Proof of Address: In some cases, proof of address may also be required. If the address is not listed on the provided ID documents or cannot be verified through independent sources like a Trade Register, additional documentation to confirm the UBO's address will be necessary.
4. Support: myPOS understands that completing the UBO Declaration can be complex. Therefore, our team is available to assist with any questions or difficulties you may encounter during this process. You can reach out to us at documents@mypos.com for help.