Identifying Ultimate Beneficial Owners in Asia
UBOs may seek to exploit intricate corporate structures to obfuscate the true illicit nature of their business or identity in an attempt to evade regulatory scrutiny. In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. It is imperative that firms determine and confirm the UBOs of their corporate customers to effectively evaluate risks in line with broader AML efforts. In an increasingly interconnected and complex global economy, the need to identify and verify Ultimate Beneficial Owners (UBOs) has become a top priority for businesses operating in Asian markets. UBOs play a critical role in corporate structures, and their identification is essential in the fight against money laundering, fraud, and other illicit activities. This article outlines the steps companies can take to ...