Keeping track of Beneficial Ownership using Ultimate Beneficial Owners (for Canadian entities)

GianMarco Athennian DocAuto Team Document Coding - Level 3
  • Updated

Affiliation Role type "Controller" renamed "Ultimate Beneficial Owner”

As an official term, Ultimate Beneficial Owner is a better representation of this role in the Principals section. You’ll notice this update when adding or managing principals, and you’ll still have all the details previously available, just an updated title. 

Follow the steps described in this article to learn how to add an Ultimate Beneficial Owner's information in Athennian. 

Creating an Ultimate Beneficial Owner's Profile: Step-by-Step

Principal Tab

In the application, open an entity you want to record the Ultimate Beneficial Owner for;
Navigate to the "Principals" tab, and click on the + New button for the workflow to pop up;

1. Details

    • From the PROFILE TYPE dropdown, select Person and click the + Add Profile button to choose the name of the person to be added as UBO - Note: if the person is not yet listed in the database, simply click New in the bottom left of the window and create a new person record for the UBO;
    • Change the status of the new UBO as appropriate (Confirmed, Inactive, or Pending) on the upper right corner of the window

2. Addresses

    • Click the + Add Address button and select the address you wish to link to the new UBO. You can use a Residential Address, or a Business Address (If both addresses are present, Residential Address will supersede) Note: if there is no address listed in the database for the UBO, simply click + New on the upper right corner of the window and create a new address entry;
    • Click Apply;

3. Roles

  • Click the + Add role button and select Ultimate Beneficial Owner in the PRINCIPAL ROLE field;
  • Use the EFFECTIVE DATE field to indicate the appropriate start date for the new UBO;

  • Use the INTEREST DESCRIPTION field to record the reason why the individual is considered to hold significant control of the entity.   
  • Click the Add button

4. Documents

  • If no related documents are located in the minute book, you can skip the Documents tab;

  • Review the data you just entered, and if everything looks good click Create to add the UBO's record to the entity profile.

  • The entry for the new UBO is now created;
  • Repeat the steps in sections 1 to 4 for each one of the existing UBOs.

Continue reading the article Creating a Registry of Individuals of Significant Control (ISC)