To use our services, we ask you to submit and verify information about your organisation. We ask for a copy of valid ID to verify the identity the following stakeholders:
- Legal representatives
- Ultimate Beneficial Owners (UBOs) or pseudo-UBOs
Legal representatives
A legal representative is a natural person who is authorised to act on behalf of the organisation. If you’re a sole trader, your organisation may have one legal representative (you). Other legal entities may have multiple legal representatives who are jointly authorised to act on behalf of the organisation. We need to verify the legal representatives stated on your business registration.
Ultimate Beneficial Owners
An Ultimate Beneficial Owner (UBO) owns or has significant control over an organisation. An organisation can have one or more UBOs.
A UBO is a natural person who:
- Directly or indirectly holds more than 25% of the shares, or;
- Directly or indirectly holds more than 25% of the votings rights, or;
- Directly or indirectly holds more than 25% of the economic interests (the right to distribute the assets of a company such as profits, reserves, or surplus after liquidation), or;
- Has ownership or control via other means, such as the (veto) right to appoint/dismiss board members or being the ultimate policymaker.
Pseudo-UBO
If your organisation doesn’t have a UBO, you need to identify one or more pseudo-UBOs. This often applies to foundations and associations but can be applicable to any legal entity apart from a sole trader.
A pseudo-UBO is a natural person who belongs to the senior management of an organisation. The following people can (typically) be considered a pseudo-UBO:
- A natural person who is the director of a company, or;
- A natural person who is effectively in control of the company.
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