A UBO (ultimate beneficial owner) is the person or individual behind the transaction. Usually used in relation to the person(s) with a controlling interest of an organisation - ie the real people behind the organisation, generally any person with 20%+ shareholding. It is of particular relevance to the art market where a lack of transparency and secrecy as to the end client is not uncommon, albeit usually for commercial rather than criminal reasons. These common art market practices, for example hiding the identity of the UBO via an intermediary, are the very practices that AML/KYC legislation seeks to eliminate.
What is a UBO?
Articles in this section
- What is Art Money Verified Buyer?
- Why do I need to be verified to buy art?
- How do I get verified?
- Does it cost anything for me to get verified?
- How long will the verification process take?
- Will I need to be verified each time I buy from a different art seller?
- Will my information remain confidential and secure?
- Where can I use my Art Money Verified Buyer Status?
- What is the price threshold at which the UK law applies?
- I thought Art Money provided interest-free finance?