API - Nov 8, 2023 - Mozart
Changed
New limit of 15 UBOs per UBO Declaration
Platforms can now add up to 15 UBOs to each UBO Declaration to enable a better assessment of a Legal User’s beneficial owners. This speeds up the verification process for Business and Partnership types.
The previous limit of 4 was based on a definition of beneficial ownership that was restricted to owning more than 25% of the equity. The definition has been expanded to include criteria relating to power of control as well as share capital ownership, in addition to other criteria which may be used to identify the relevant individuals if needed.
As a result, the following documentation updates have been made:
- The glossary definition of beneficial owner details the new criteria
- The response example in the POST Create a UBO endpoint shows the new limit in place
- The How to submit a UBO Declaration tutorial has been modified for the new limit
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