Protection of Personal data/Why are banks asking questions?

Who is an ultimate Beneficial Owner (UBO)?

An individual (a natural person) who owns or controls a company (the legal person), including individuals:

  • who directly or indirectly own more than 25 percent of the company’s (the legal person’s) stock capital or of total shares with voting rights;
  • who directly or indirectly control the company (the legal person);
  • who own a legal entity that is not a company or a legal person;
  • in whose interests a legal entity that is not a company or a legal person has been established or operates.

A natural person in whose name or interests or to whose benefit a merchant (the legal person):

  • establishes business relationships;
  • executes specific transactions without establishing business relationships;
  • who directly or indirectly controls a legal entity that is not a company or a legal person, such as the founder, trustee or supervisor (manager) of the legal entity

Other questions

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