UBOs may seek to exploit intricate corporate structures to obfuscate the true illicit nature of their business or identity in an attempt to evade regulatory scrutiny. In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. It is imperative that firms determine and confirm the UBOs of their cor...


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