Beneficial ownership
Also known as: UBO, ultimate beneficial owner, beneficial owner
Beneficial ownership refers to the natural person who ultimately owns, controls, or benefits from a legal entity, even where legal title is held by someone else. Identifying the beneficial owner is a central requirement of anti-money laundering and KYC processes. In Jamaica, companies are required to maintain registers of beneficial owners, and professional services firms must identify the beneficial owner of any corporate client before providing services.
Related terms in Key concepts
Anonymisation
Altering personal data so that individuals can no longer be identified, directly or indirectly.
Automated decision-making
Making decisions solely by automated means, without human involvement, that significantly affect individuals.
Biometric data
Unique physical or behavioural characteristics used to identify an individual, such as fingerprints.
Consent
A freely given, specific, informed, and unambiguous agreement to the processing of personal data.