Ownership Attestation
Overview
Ownership attestation is the process of formally verifying and documenting that an individual or entity legitimately owns an account, business, or asset. It is a key requirement in KYC and KYB to prevent the use of shell companies, nominee directors, or front businesses for money laundering.Regulators mandate ownership attestation to ensure transparency of beneficial ownership structures. Institutions collect supporting documents such as incorporation records, shareholder agreements, or tax filings to establish legitimacy. Banks, fintechs, and payment providers apply ownership attestation during onboarding and periodic reviews to detect discrepancies. By enforcing ownership checks, institutions safeguard themselves against compliance risks, financial crime, and reputational damage.
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FAQ
What is ownership attestation?
A process of verifying that someone legitimately owns an account or entity.
Why is it required?
To prevent shell companies or nominee structures from hiding real owners.
Who mandates it?
Regulators under AML and KYB frameworks globally.
How is it performed?
Using corporate filings, registries, and supporting documents.