The Ultimate Beneficial Ownership (UBO)
Course Description
Learning Outcomes:
- Background – Why the BO regime was introduced.
- Inherent Vulnerabilities and risk factors of the sector
- FATF Recommendation on transparency and beneficial ownership
- Regulatory Framework of BO in Pakistan
- What is Ultimate Beneficial Owner under Companies Act 2017
- How ownership/control is exercised – discussion of different situation to identify UBO
- Statutory Framework Beneficial Ownership requirement ➢ Financial Institutions (Banks, ECs, NBFIs, Insurance Companies etc.) ➢ Legal Person (Companies, LLPs)
- Regulatory Measures to be taken by Companies/LLPs for BO regime – BO form filing
- How Financial Institutions can identify & verify UBOs in Companies, LLP, Trust and Waqfs
- Enforcement Action available
- Risk Assessment of Legal Person and legal Arrangements
- Typologies on money laundering & terrorism financing (ML/TF) techniques to misuse legal persons and legal arrangements
- Red flags indicating misuse of LPLAs
- Recommendations and Best practices
Course Info
- Start Course: 13th August, 2022 through Zoom Link
- Duration: 4h 30m
- Prerequisites: No