CreditorWatch has recently released a new product: The Ultimate Beneficial Owner’s Report
CreditorWatch recognises the responsibility that comes with compliance to Know Your Customer (KYC) requirements and AUSTRAC’s Anti-Money Laundering/ Counter-Terrorism Financing Act 2006. With our Ultimate Beneficial Owner (UBO) Report, we take the hassle out of identifying beneficial owners and do the hard work for you – with a simple click of a button.
What is a beneficial owner?
A beneficial owner is an individual or non-individual who controls or owns at least 25% or more of a company’s shares. However, it isn’t always easy to identify this as commercial entities can be structured in a complex way. There can be multiple shareholders within a company and they can be made up of individuals and/or non-individuals. Non-individuals can also present under other holding companies.
To work this out manually, a lot of digging through ASIC reports is required, in addition to manually calculating percentages. It can be very time consuming and messy.
Why do I need to identify a beneficial owner?
If you are in a particular industry, such as finance, you will need to comply with AUSTRAC’s AML CTF program. It is essential to understand the risk of doing business with both individuals and non-individuals. By verifying customer information and beneficial ownership, you’ll be able to comply with regulations and mitigate risk to your business.
How does the Beneficial Owner’s Report Work?
While identifying a beneficial owner appears daunting, CreditorWatch customers can order a UBO report within a company profile. With the click of a button, our software will scan through ASIC reports, calculate ownership percentages and display the beneficial owner(s). In turn, you’re left with a clean, easy to read PDF report output that you can store on file.
This report increases efficiency, keeps you organised, reduces cost and saves time. It’s a simple way to comply with regulations and provides easy reference.
For more information, watch our latest webinar “Enhancing Your Credit Reports”. The session provides a live demonstration of our Ultimate Beneficial Owner’s (UBO) Report plus other features such as ‘Building Your Own Credit Report’ and ‘Auto-Purchasing’.Watch Webinar