Identifying an Ultimate Beneficial Owner is Simple with CreditorWatch

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’.

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