Business and UBO Verification
🏢 Business and UBO Verification
When you set up a business account or use our address services through The Hoxton Mix, we’re required to identify and verify the individuals who own or control the business — known as Persons of Significant Control (PSCs) or Ultimate Beneficial Owners (UBOs).
This process ensures that our services cannot be used to disguise the ownership or source of funds of a company, in line with the Money Laundering Regulations 2017 (as amended).
What We Collect for Businesses
Required Information | Description |
|---|---|
Company Name & Registration Number | As shown on Companies House or local business registry. |
Registered Office Address | Must match the official company record. |
Law of Incorporation | The jurisdiction in which the company is registered. |
List of Directors and Senior Managers | Full names and positions for all directors or those controlling operations. |
List of Persons of Significant Control (PSCs) / UBOs | Full names, dates of birth, nationalities, ownership or control percentages, and residential addresses. |
đź“‹ We identify all directors and verify all UBOs or PSCs. We also verify anyone acting on behalf of the company (e.g. authorised representatives).
Definition of a UBO / PSC
A Person of Significant Control (PSC) or Ultimate Beneficial Owner (UBO) is any individual who:
Control Type | Threshold |
|---|---|
Ownership of Shares or Voting Rights | Directly or indirectly holds more than 25% of shares or voting rights in the company. |
Right to Appoint or Remove Directors | Has the right (directly or indirectly) to appoint or remove a majority of directors. |
Significant Influence or Control | Otherwise exercises significant influence or control over the company’s decisions or management. |
Control via Another Entity | Exercises control through a trust, partnership, or another legal entity. |
đź’ˇ In most small UK companies, the directors and UBOs are the same individuals.
Verifying UBOs / PSCs
For each identified UBO or PSC, we must:
Requirement | Description |
|---|---|
Proof of Identity | Passport, driving licence, national ID, or residence permit. (see Photo ID). |
Proof of Address | Utility bill, bank statement, or other accepted document (see Proof of Address). |
Ownership Evidence (if applicable) | For complex structures, we may request share certificates, shareholder registers, or trust deeds. |
Multi-Layered and Non-UK Structures
If your company has multiple layers of ownership or non-UK shareholders, we must “look through” each layer until we identify the natural person(s) who ultimately own or control more than 25%.
Structure Type | Verification Approach |
|---|---|
UK Parent Company | We verify the parent via Companies House and identify its UBOs. |
Foreign Parent Company | We request incorporation documents and beneficial ownership confirmation from that jurisdiction. |
Trust or Partnership Ownership | We obtain trust deeds or partnership agreements identifying the controlling parties or trustees. |
🌍 We may request certified translations or additional documentation for overseas entities if required by regulation.
Example Scenarios
Scenario | Who We Verify |
|---|---|
A single UK director owns 100% | Verify that individual’s proof of ID and address. |
Two directors own 50% each | Verify both individuals’ ID and address. |
Parent company owns 100% | Identify and verify the parent’s UBOs. |
Trust owns 60% | Identify the settlor, trustees, and beneficiaries with control. |
Record Keeping
We maintain clear records of all CDD information collected, including:
- Verified identity and address documents for all UBOs / PSCs
- Details of the company structure and ownership
- Date and outcome of verification
- Ongoing monitoring notes or risk assessments
🗂️ Records are retained for a minimum of five years after the end of a customer relationship, in line with AML regulations.
Next: → Sanctions and AML Screening
Updated on: 05/11/2025