UBO
Business & Finance abbreviation · Banking
| Stands for | Ultimate beneficial owner |
|---|---|
| Categories | Business & Finance |
UBO stands for Ultimate beneficial owner, a banking abbreviation.
Natural person who ultimately owns or controls a company or other legal entity, directly or through layers of intermediaries, typically defined as holding more than 25 percent of shares or voting rights or otherwise exercising control. Banks must identify the UBOs of corporate customers.
Example: We cannot open the trust's account until we identify every UBO behind the two holding companies.
Usage notes
Many jurisdictions keep beneficial ownership registers; the UK has had a public register of persons with significant control since 2016, while a 2022 EU court ruling restricted public access to EU registers. The US Corporate Transparency Act created a federal beneficial ownership database, though the scope of its reporting requirements was later scaled back.
Related abbreviations
More banking abbreviations
- A/C – Account
- ABA – American Bankers Association (routing number)
- ACH – Automated Clearing House
- ALLL – Allowance for loan and lease losses
- ALM – Asset-liability management
- AML – Anti-money laundering
- ATM – Automated teller machine
- BACS – Bankers' Automated Clearing Services
- BG – Bank guarantee
- BHC – Bank holding company
- BIC – Business Identifier Code
- BIN – Bank identification number