An Ultimate Beneficial Owner (UBO) is the final person who owns or manages a company. This person does not have to be known directly as the owner, they may own the company through another company. A company cannot be the ultimate beneficial owner, it must be a person.

In submitting the application, it is important to identify all ubos with 25% or more ownership of the entity registering the account. Importantly, information must be provided even if the owner does not directly own the entity, but through another business. This could be 1 business, or multiple businesses which in aggregate own 25% or more of the entity registering the account.

In all of the examples, the UBO is identified in blue. Information collection is required for all UBOs.

**Patty owns 25% of SS through her 10% ownership of PPTR (giving her 5% of SS) and her 100% ownership of PP (giving her 20% of SS). Patty and Mary are both UBOs.