This document details the changes in North Row Release V1.79.1.3

Overview

The Ultimate Beneficial Owner (UBO) refers to the natural person(s) who ultimately(1) owns or controls a customer(2) and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.

1 - Reference to “ultimately owns or controls” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.

2 - This definition should also apply to beneficial owner or a beneficiary under a life or other investment-linked insurance policy.

Source: Glossary of the FATF Recommendation

Available at: http://www.fatf-gafi.org/glossary/a-c/   (Accessed online: 03 Dec 2018)

Roll-out

UBO will be rolled out to all customers performing Company Checks.

Performing a Company Check with UBO

To check a company for a UBO, first create Company Check:

Steps.

1. Create a new Company Check, either from Quick Search from the Check Menu > Business & Contacts

2. Populate the various fields in the Company Check as necessary

3.Select a profile configured for Company Checks

4. Perform the Company Check by pressing the Check Business button

5. Wait for the check to complete

6. Open the Data tab and expand the Ultimate Beneficial Owner Record node to view the associated UBO data.

In this example, the check was performed against a UK company, RESMED EUROPEAN HOLDINGS LIMITED, whereas the UBO is an American company RESMED INCORPORATED.

7. To view the Northrow PDF Report, switch to the Score tab and click on the PDF icon.

8. A new web browser window opens displaying the Northrow PDF report.

9. The report shows the same list of alerts / rules that were displayed on the Data tab of the user interface.

10. Scroll down the report to the section entitled Ultimate Beneficial Owner.

11. This section contains the same data that was shown on the user interface.