CreditorWatch has recently released a new product: The Ultimate Beneficial Owner’s Report
What can you gain from the Ultimate Beneficial Owner’s Report (UBO)?
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’.