Since the implementation of the 4th Anti-Money Laundering Directive in 2017, Ultimate Beneficial Owners (UBOs) have gained more prominence in regulatory compliance procedures. The identification and verification of these individuals is a legal obligation for regulated industries when engaging with both customers and business partners.
The 5th Directive then placed an even greater emphasis and transparency of ultimate beneficial ownership. To enhance data availability, the directive instructed member states to create and maintain inter-connected national UBO registries that would to be publically available. These efforts would enable organisations access to secure and reliable corporate information, giving them the tools to reveal complex group structures.