Most businesses and organisations will be required to identify the UBO(s) of their business when creating a Weel account.
A UBO is:
An individual who owns 25% or more of the entity's shares, or
An individual who holds 25% or more voting rights
A UBO's ownership can be directly (such as through shareholdings) or indirectly (such as through another entity's ownership).
If no such individual exists, the individual(s) who has the power to make decisions about the entity's finances and operations must be disclosed.
If you are unsure about who the UBOs are for your entity, please reach out to us as we may be able to assist.
You can find out more about UBOs on AUSTRAC's website, the Australian Government agency responsible for the prevention, detection and response to financial crime in Australia.