Most businesses need to identify their Ultimate Beneficial Owners (UBOs) when signing up for Weel, as part of our business verification (KYB) process. A UBO is anyone who owns or controls 25% or more of the business, directly or indirectly. This confirms who really owns and controls your business. It doesn't create any personal financial liability for the UBO.
How It Works
- 25% threshold: A UBO owns 25% or more of the business's shares, or holds 25% or more of its voting rights, directly or indirectly.
- No clear 25% owner: If no individual meets that threshold, we ask for the person who controls the business's finances and operations instead.
- No personal liability: Providing your UBO details doesn't create personal financial liability; it simply confirms who owns and controls the business.
- Sole traders and government entities: Sole traders are the business, so there's no separate UBO step; government entities only need to provide director details.
Good to know
- If you're unsure who your UBOs are, contact us and we'll help you work it out.
- Australian businesses can find more detail on AUSTRAC's website.
- New Zealand businesses can find more detail on the Financial Markets Authority's website.