Banks look for a way out of UBO tangle
ownership rules that differ from nation to nation.
Banks handling foreign direct investments (FDI) into local companies and overseas direct investments (ODI) by Indian investors venturing abroad, vet the last natural persons behind the larger shareholders of the investing entities.
But, in several cases they are unable to peel off the layers to spot the real persons at the peak of what could be a multi-layered investment structure — primarily due to less demanding disclosure requirements in several jurisdictions.
«There are instances where banks have been questioned for not identifying the ultimate beneficial owners (or, UBOs) of some investors. Banks are helpless in such cases as many countries don't ask for detailed ownership information from investors. This was recently discussed among senior bankers. Many think our anti-money laundering laws should provide for different disclosure standards in other countries,» a senior banker told ET.
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