Credicorp

UBO (ultimate beneficial owner)

An ultimate beneficial owner, or UBO, is the real person who ultimately owns or controls a company, as distinct from any intermediate companies in the ownership chain. The usual threshold is an individual who owns or controls more than 25% of the shares or voting rights, or who otherwise exercises control. Identifying the UBO answers the question: who really benefits from, and stands behind, this business?

Who it is: The natural person at the top of the ownership or control chain.
Common threshold: More than 25% of shares or voting rights, or equivalent control.
Why it is identified: To meet anti-money-laundering rules and know who a lender is dealing with.

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Why UBOs are identified

Companies can be owned through layers of other companies, which can obscure who is really in control. Anti-money-laundering rules require a lender to look through that structure to the individuals at the top. Identifying and verifying the UBO prevents the financial system being used behind a corporate screen, and is a standard part of onboarding a business borrower.

KYC Know your customer (KYC) is the process of identifying and verifying who a lender is dealing with — the business, its directors and its ultimate owners… AML Anti-money laundering (AML) is the set of laws and checks that require lenders to verify who they are dealing with and to report suspicious activity… Politically exposed person A politically exposed person (PEP) holds a prominent public function — such as a senior politician, judge or central-bank official — and is screened more… Companies House Companies House is the UK's registrar of companies. It incorporates and dissolves limited companies and LLPs, and maintains the public register of company… Our vulnerable-customers page How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Collateral Collateral is an asset a borrower pledges to a lender as security for a loan. If the loan is not repaid, the lender can recover against the collateral.… Recovery Recovery is the action a lender takes to collect a debt that has not been repaid, usually after a default. A responsible lender treats it as a last… Invoice finance Invoice finance lets a business raise funds against its unpaid invoices, releasing cash tied up in receivables before customers pay. It includes invoice… CRA (credit reference agency) A credit reference agency holds credit information and shares it with lenders. For UK business lending the main agencies are Experian, Equifax and… FCA (Financial Conduct Authority) The FCA is the UK's financial-services regulator. Its consumer-credit perimeter covers lending to individuals; lending to companies and LLPs sits outside… Arrears Arrears are payments that a borrower has missed and not yet made up — money that is overdue under a credit agreement but has not yet reached the threshold…

UBOs and the public record

In the UK, companies must record people with significant control on the register at Companies House, which overlaps closely with the concept of a UBO. A lender will typically use that record alongside its own verification to establish and confirm who ultimately owns or controls a prospective borrower.

UBOs and Credicorp

Credicorp identifies and verifies the ultimate beneficial owners of the UK limited companies and LLPs it lends to, as part of its know-your-customer and anti-money-laundering checks. Credicorp is an independent UK lender, not affiliated with Credicorp Inc of Peru, Credit Corp of Australia, or any other Credicorp entity outside the United Kingdom (Company No. 16093826; ICO ZC157682).

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