Ultimate beneficial owner (UBO)

An ultimate beneficial owner (UBO) is the (or one of the) persons or entities that are the ultimate beneficiaries of a company. Certain financial and other organizations, including banks, currency exchange offices, and insurers, are subject to mandatory disclosures of UBOs if doing business with any party. When companies conduct due diligence on businesses they’re interested in working with (called Know Your Business or KYB), they also need to verify the people behind the business, or the UBOs.