The Ultimate Beneficial Owner, shortly known as UBO, defines the ultimate company’s beneficiaries of a legal entity. Beneficial ownership identification and verification is now an essential component of the client KYC onboarding and remediation process. It is at the heart of the latest raft of international AML/CTF sanctions and regulations, as well as tax compliance laws and standards, such as
FATCA and CRS.
According to the requirement of the FATF standards, all corporate registries and financial institutions including banks must obtain the UBO details from legal persons and legal arrangement for various reasons. One of the reasons for this is to prevent serious crimes such as money laundering and terrorist financing. The lack of disclosure of UBOs paves the way for people to launder money through Companies, LLPs and Trusts. Therefore, all relevant stakeholders should pay attention to UBO in the fight against money laundering and terrorist financing.
Significant Learning Outcomes:
Compulsions of Local & International laws/guidelines/regulations of AML
Concept of Money Laundering & its Application in business frame work
Essentials of comprehensive “Financial Crime Risk Management” framework
How to Strategies and Implement Robust AML/CFT program
Understanding AML/CFT Controls & procedures to prevent risk of money laundering & terrorism financing
To avoid the penalties for non-compliance with AML legislations
Event Info
- Location: PC Hotel Karachi
- Date: 28 May 2022
- Time: 10:00 am - 05:00 pm
- Phone: +92 (3) 111 122 079