Every investigation, from corruption cases to sanctions busting, eventually leads to one critical question: Who’s really behind it all? In this episode of Due Diligence Download, Sylwia and Amritha explore the world of Ultimate Beneficial Ownership (UBO) - the people who truly control companies, assets, and money flows, no matter how many shell layers or offshore addresses are in between. It begins with an unbelievable FBI case that exposed how little we sometimes know about who really owns what. From there, the hosts unpack the tangled web of hidden ownership and the global push for transparency. You’ll learn: What a UBO really is and why the “25 percent ownership rule” doesn’t always work. Why UBOs matter for compliance, risk management, and even national security. How criminals hide behind nominees, trusts, and offshore layers, and how investigators follow the money anyway. The biggest red flags that signal something’s off, including secrecy jurisdictions, complex shareholding, and evasive owners. How investigators and regulators are fighting back, from FATF standards to new transparency laws. Practical steps for identifying true ownership and keeping due diligence meaningful, not mechanical. Resources&Links https://news.mongabay.com/2011/08/fbi-questioned-over-ties-with-corrupt-official/ https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Best-Practices-Beneficial-Ownership-Legal-Persons.pdf https://www.opendemocracy.net/en/opendemocracyuk/uk-may-ditch-plans-to-stop-fraudsters-using-fake-names-to-run-businesses/ https://www.transparency.org/en/campaigns/global-standards-fatf-beneficial-ownership-transparency https://www.occrp.org/interactives/dubai-unlocked/en/ https://www.icij.org/investigations/panama-papers/ https://www.icij.org/investigations/paradise-papers/ Sponsors We’re proudly independent - but we partner with companies who share our passion for smarter due diligence and investigations. Ethixbase360: Confident decisions, powered by people and platform Market-leading third-party risk management platform combining smart automation, expert-led due diligence, and responsive support to deliver a clear, connected view of global third-party risk. Deploy a third-party risk management program that grows with your organization – from a single function to enterprise-wide coverage. Empower faster, smarter decisions with the data and insights trusted by global leaders. Gain a unified, real-time view of your third-party risk landscape — with built-in insight, and audit readiness. Maximize efficiency and performance with dedicated, expert support designed to save time, reduce costs, and strengthen your program. Learn more at ethixbase360.com. A Data Pro turns global data into actionable intelligence. For over 26 years, we have helped decision-makers in risk, compliance, and communications with tailored solutions. Our three core divisions deliver measurable impact: Risk Intelligence strengthens compliance and KYC/AML programmes through due diligence, sanctions lists, UBO tracing, and PEP/SEP screening; Media Intelligence equips PR, marketing, and executives with insights on reputation, crises, competitors, influencers, and trends; and Data Solutions provide clean, structured data for automation and AI. With 500+ multilingual specialists across 80+ jurisdictions, we catch risks before they catch up to you—helping your business act confidently and proactively. Find out more here - https://adata.pro/
