Glossary
UBO (Ultimate beneficial owner)
The ultimate beneficial owner is the natural person who ultimately owns or controls a customer, or on whose behalf a transaction is conducted. For companies this is usually anyone holding a set percentage of shares or votes, or exercising control by other means. Where no one qualifies, rules typically fall back to senior managing officials.
Why it matters for brokers and payment firms
Two trading accounts with the same UBO are one economic actor. Wash trades, bonus abuse and rebate schemes are only visible once accounts are linked through their beneficial owners.