What does UBO mean?

When creating an account with Bondora, you must confirm whether you are the Ultimate Beneficial Owner of the account. Unsure about what it means? Keep watching to find out.

When creating your account, you must complete the Know-Your-Customer form. This is a legal requirement from the European Commission’s Anti-Money Laundering and Counter-Terrorist Financing directive.

One of the questions asks if you are the UBO, which stands for Ultimate Beneficial Owner. Essentially, you must confirm whether or not you are the main person who will benefit from the investment or the person who has the most control over the account.

If you create the account for your own investment, and you are the one who will manage it, then you are most likely the Ultimate Beneficial Owner. If you are managing it for someone else, for example, your child, then you are not the Ultimate Beneficial Owner.

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Thanks for watching, keep investing, and see you again next time.

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