Difference between UBO, BO and IBO

Question

Accepted Answer

UBO stands for Ultimate Beneficial Owner, BO stands for Beneficial Owner, and IBO stands for Immediate Beneficial Owner.

UBO is the individual who ultimately owns or controls a legal entity or arrangement.
BO is any individual who ultimately owns or controls a legal entity or arrangement, or on whose behalf a transaction is being conducted.
IBO is the individual who owns or controls a legal entity or arrangement and whose identity needs to be verified immediately.
Example: If a company is owned by another company, the UBO would be the individual who ultimately owns the parent company.
Example: If a trust is the owner of a company, the UBO would be the individual who ultimately controls the trust.
Example: If a transaction is being conducted on behalf of a company, the BO would be the individual who ultimately owns or controls the company.

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