GACO and STEP Seminar - UBO Real Case Studies interactive Workshop

Practices continue to emerge that obscure true beneficial ownership, including the submission of incomplete or inaccurate information when registering with public databases. Equally concerning is the manipulation of nominee directors or shareholders, as well as intricate corporate structures comprising layers of companies, trusts, offshore entities and shell companies to hide beneficial ownership.

The complexity of some ownership structures more resemble a work of fine art than an organisational structure. These practices undermine transparency, facilitate financial crimes, and pose risks to the integrity of the financial system. Compliance professionals need to know how best to protect their organisations from the threats posed by a lack of transparency around beneficial ownership. Discovering the true UBO is more critical than ever for businesses to understand whom they are working with and the associated risks.
 
Identifying UBOs sharpens the lens through which illicit activities can be seen and enables organisations to ensure they are not doing business with, for example, a sanctioned entity or an individual involved in financial crimes.

UBO transparency offers the ability to make informed judgments about potential customers while acknowledging that not all UBOs are involved in illicit activities. This transparency allows for a comprehensive risk assessment, distinguishing between partners that merit closer monitoring due to potential risks and those who do not. This approach forms the foundation of a risk-based strategy for KYC compliance, enabling a nuanced evaluation of business relationships and fostering a more vigilant and secure operational environment. This also ensures compliance with anti-money laundering and counter-terrorism financing regulations, and it is an important part of safeguarding against inadvertent involvement in unlawful activities.
 
The concept of Know Your Business (KYB), closely related to UBO, holds paramount importance in corporate law and AML efforts. Governments and organizations worldwide take greater steps to identify and track UBOs for crime prevention and risk management; having the right KYB tools becomes even more crucial. 
 
UBO screening is critical for businesses and cannot be overstated. They are a critical component of business law and anti-money laundering rules. Screenings enable firms to identify beneficial owners, confirm their identities, and demonstrate that they are not involved in illicit activities such as money laundering or terrorism financing. Organizations defend themselves from possible dangers connected with interacting with unknown businesses and persons by validating the identification of beneficial owners. The method also aids in the prevention of fraud by ensuring that all parties participating in transactions have been properly recognized and confirmed ahead of time. 
 
GACO and STEP are very happy to have engaged for this interactive workshop the following two moderators that are going to present the real case studies and assist you navigating through those cases and find what the solutions could be for you.

Moderators

David Parody

• ex-National Coordinator for AML/CFT/CPF for Gibraltar.
• Consultant on AML/CFT/CPF. Undertaken assignments with the World Bank and Council of Europe.
• Proven leadership skills in delivering substantive projects on time, on budget and effectively.
• Ex-officio Board Member & previous Secretary to the Financial Services Commission with direct reporting to the Chairman. Interfacing with Chairman and Board members on a very regular basis.
• International experience. David has been seconded both to the Bank of England and FSA in the UK (Arrow Development) and as Deputy Director of Regulation in the British Virgin Islands (2008). Strong emphasis of information technology from both a development as well as an implementation angle.
• Proficient and experienced public speaker.
• Detailed knowledge of EU Money Laundering Directives and the FATF Recommendations and Evaluation Methodology.

Adrian Pilcher

Adrian is very active in the Private Client and Family Office space, advising high profile high net worth individuals and business families on a wide array of matters including wealth and succession planning and structuring, family governance and compliance matters.
 
Recognised as an expert in the area of trusts, Adrian has been instrumental in the development of the law in this area, having been directly involved in the drafting of the Private Trust Companies Act 2015 and the Private Foundation Act 2017.
 
His technical expertise in trusts and compliance matters also led to Adrian being instructed by HM Government of Gibraltar to transpose into Gibraltar law the EU’s Fifth Anti-money laundering directive via the Proceeds of Crime 2015 (Amendment) Regulations 2020. Since then, Adrian has been regularly instructed by HMGoG in relation to matters concerning compliance and transparency and has contributed to the drafting of the Proceeds of Crime 2015 (Miscellaneous Amendments) Act 2021, the Proceeds of Crime 2015 (Transfer of Virtual Assets) Regulations 2021 and the Proceeds of Crime 2015 (Relevant Financial Business) (Registration) Regulations 2021.
 
Adrian was appointed Chair of the Gibraltar branch of The Society of Trusts and Estate Practitioners (STEP) on 22nd June 2023.

STEP Gibraltar

STEP is a global professional body, comprising lawyers, accountants, trustees and other practitioners that help families plan for their futures.

Our mission is to inspire confidence in families planning their assets across generations by setting and upholding high professional standards, informing public policy, promoting education, and connecting practitioners globally to share knowledge and best practice.

Full STEP members, known as TEPs, are internationally recognised as experts in their field, with proven qualifications and experience.

Date: 8th April 2025
Time: 9.30hrs - 12.30hrs  
Location: Sunborn Yacht Hotel, Atlas Room
Fee: £40 for GACO & STEP Members; £80 for Non-GACO Members