What qualifies as a UBO?

A UBO is a natural person who owns or controls the entity through direct or indirect ownership (commonly thresholded at 25%) or who exercises significant control. Provide identity verification and explain indirect ownership chains.

Can the extract be e-signed?

Yes, if the electronic signature meets ESIGN (15 U.S.C. ch. 96) and UETA standards for intent, consent, attribution, and retention. For high-risk cases use stronger authentication.

When is notarization required?

Notarization depends on the extract's intended use and state rules. If the recipient expressly requires a notarized attestation, follow the state's remote or in-person notarization requirements.

What supporting documents are essential?

Attach government ID copies, certified shareholder registers, trust deeds, and any corporate resolutions that demonstrate authority. Poor evidence leads to rework and delays.

How long must I keep extracts?

Retain while the relationship is active and generally for at least three years after termination; longer retention applies for tax or healthcare records per IRS and HIPAA rules.

Who verifies indirect ownership?

Compliance teams conduct chain-of-ownership analysis, sometimes supported by registry searches or third-party corporate searches; document the method and sources used.

UBO Extract Document

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UBO Extract Document

Client Name: Issuer / Provider Name:

Registered Number / ID:

Jurisdiction of Incorporation:

Extract Reference / File Number:

Extract Date: Purpose of Extract:

WHEREAS

WHEREAS, the Issuer maintains corporate and registry records for the entity identified above and is able to produce a certified extract of Ultimate Beneficial Owners (UBOs) as recorded in its register as of the Extract Date; and

WHEREAS, the Client has requested an official extract containing the identity, ownership percentage and nature of control of all persons who meet the statutory definition of an ultimate beneficial owner for the purposes described in the Purpose of Extract field; and

WHEREAS, the parties desire to set forth the scope, delivery, certification and payment terms under which the Issuer will provide the requested UBO extract.

SCOPE OF WORK

Detailed scope (describe the specific extract contents and any certifications required):

UBO DETAILS (as recorded)

The Issuer certifies that the following entries reflect the register of ultimate beneficial owners recorded in its books as of the Extract Date.

UBO 1 — Full legal name:

Address:

UBO 2 — Full legal name:

Address:

UBO 3 — Full legal name:

Address:

PAYMENT TERMS

The Client shall pay the Issuer the fees set forth below in consideration for preparing, certifying and delivering the UBO extract.

Total Fee (currency and amount): Payment schedule and method: Late payment fee or interest:

TERM AND TERMINATION

This Agreement commences on the Start Date and remains in effect until the completion of the obligations described in the Scope of Work or until earlier termination in accordance with this section.

Start Date:

End Date (if applicable):

Notice period for termination:

Either party may terminate this Agreement for material breach by the other party if the breach is not remedied within the notice period. Termination will not relieve the Client of liability for fees due for services performed prior to termination.

CONFIDENTIALITY

The parties acknowledge that information exchanged in connection with this extract, including the UBO data and any supporting identification, constitutes confidential information. The Recipient shall not disclose such information except to its officers, professional advisers or regulators as required by law, and shall use the information solely for the Purpose of Extract described above.

The obligations in this clause shall survive termination of this Agreement for a period of five (5) years or for such longer period as required by applicable law.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction of the Issuer's principal place of business, without regard to conflict of laws principles. The parties submit to the exclusive jurisdiction of the courts of that jurisdiction for any disputes arising under this Agreement.

ENTIRE AGREEMENT

This Agreement, together with any schedules and the certified extract delivered pursuant to the Scope of Work, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and communications, whether written or oral.

CERTIFICATION

The Issuer certifies that, to the best of its knowledge and based on its official registers and records, the UBO entries listed in this document are true, complete and correctly reflect the information recorded as of the Extract Date. The Issuer further certifies that any certification appended to the extract will bear the authorized signature and corporate seal (where applicable).

Issuer representative name: Issuer representative position: Additional remarks (optional):

Issuer / Provider:

By:

Date:

Recipient / Client:

By:

Date:

What the UBO Extract Document Is

The UBO Extract Document collects verified information about an entity's Ultimate Beneficial Owner(s) (UBO) to support Know Your Customer (KYC), anti-money laundering (AML), and compliance checks. It typically lists ownership percentages, control relationships, natural-person identities, and documentary evidence such as passports or corporate filings. Organizations use this extract to satisfy internal compliance programs, banking onboarding, vendor due diligence, and regulatory reporting obligations. The record is not a substitute for statutory filings unless explicitly required by a regulator; it functions as a reliable, dated snapshot of ownership and control for compliance and audit purposes.

Why a Clear UBO Extract Document Matters

A complete UBO Extract Document reduces compliance risk, speeds onboarding, and creates an auditable record for regulators and auditors. It demonstrates that reasonable measures were taken to identify natural persons who own or control a legal entity and supports accurate AML reporting.

Who Prepares and Relies on a UBO Extract

Multiple teams and external parties prepare or request UBO extracts as part of KYC, vendor management, and legal due diligence.

Bank compliance teams and onboarding officers who require verified ownership data for account opening and transaction monitoring.
Corporate legal and finance teams performing internal audits, M&A diligence, or escrow and closing checks.
Third-party risk assessors, auditors, and professional services firms who must document ownership during reviews.

Properly completed extracts streamline reviews across these groups and reduce re-requests for documentation during audits and regulatory inquiries.

Who Can Sign or Certify the Extract

Authorized Officer

Typically a company director, corporate secretary, CEO, or CFO who is authorized by corporate resolution to certify ownership. That person confirms the accuracy of the extract and may attach corporate minutes or a board resolution.

Compliance Officer

A designated compliance or KYC officer within a financial institution or vendor who prepares, verifies, and signs the extract under program procedures and attestations.

Key Components of a Professional UBO Extract Document

A well-structured UBO extract is concise, clearly dated, and backed by source documents to support each data point. Include identity, ownership percentage, control relationships, verification evidence, and a signature or attestation.

Document Header

Entity legal name, registration number, jurisdiction of formation, and the extract creation date; establishes scope and effective date for the reported ownership snapshot.

UBO List

Natural persons who directly or indirectly own or control the entity, with title, percentage ownership, and description of control (voting, economic, or contractual).

Identification

Verified ID details for each UBO: full legal name, date of birth, nationality, and government ID type and number (passport or national ID preferred).

Supporting Evidence

Source documents tied to each UBO entry, such as certified corporate filings, shareholder registers, trust deeds, or notarized affidavits demonstrating chain of ownership.

Attestation

Signed certification by an authorized officer or compliance representative declaring the accuracy of the extract and describing the verification methods used.

Audit Trail

Version, preparer name, timestamps, and references to where supporting documents are stored for internal or regulator inspection.

Step-by-Step: Preparing a UBO Extract Document

Use this sequence to produce a complete, verifiable extract that supports KYC and audit needs.

01

Collect Entity Data: Gather legal name, registration details, and formation documents.
02

Identify Potential UBOs: List natural persons meeting ownership or control thresholds.
03

Verify Identity: Match names to government IDs and supporting records.
04

Attach Evidence: Include shareholder registers, trust instruments, and signed attestations.

How to Configure an Online UBO Extract Workflow

Set up fields and verification checkpoints to ensure consistent capture and secure routing of supporting documents.

Field	Configuration
Entity Details Field	Required, read-only when imported from corporate registry
UBO Repeater Section	Repeatable group for multiple UBOs with conditional visibility
Attachment Field	Mandatory for ID and corporate evidence; enforce file type PDF/JPG
Attestation Check	Checkbox + signature field; requires signer authentication

Where to Send or File the Completed Extract

Route the completed extract according to the receiving party's compliance requirements and retain an auditable copy for records.

Internal Compliance Archive: Store in a secure records repository with access logs and retention metadata.
Bank or Onboarding Portal: Upload to the requesting institution's secure intake system per their instructions.
External Auditor or Counsel: Provide sealed copies or secure links under NDA when requested for due diligence.
Regulatory Submission: Submit only if explicitly required by statute or regulator; otherwise retain for inspection.

Digital Signing and eSubmission Requirements

Use platforms that support secure electronic signatures, role-based access, and audit trails to preserve evidentiary value.

Authentication: Email + code, SMS OTP, or stronger methods; align to risk level of the relationship
Audit Trail: Capture IP, timestamp, signer identity, and document version history
Storage Security: Encrypt at rest and in transit; maintain access controls and retention logs

Ensure the chosen solution meets ESIGN and UETA standards, and that your record retention and export capabilities support audits and regulatory requests.

Essential Data Elements to Include

Entity Name: Registered legal name

Registration ID: Government registration or EIN

UBO Identity: Full legal name and DOB

Ownership Share: Percentage or description

Source Documents: ID, register, trust deed

Attestation: Signed certification

Common Preparation Pitfalls

Incomplete evidence: submitting ownership claims without matching certified corporate records often leads to requests for additional documentation and onboarding delays.
Name mismatches: variations between ID, shareholder register, and filing name cause identity verification failures or trigger backup withholding for tax reporting.
Ambiguous ownership: failing to explain indirect holdings or tiered corporate structures creates audit friction and may require legal affidavits to clarify control.
Expired IDs or poor scans: low-quality or expired identity documents commonly result in rejection by banks and regulators and require resubmission with valid credentials.

Consequences of Incorrect or Missing UBO Information

Regulatory Fines: Enforcement penalties under AML/BSA frameworks and potential civil fines.

Account Restrictions: Banks may close or freeze accounts pending verification.

Transaction Delays: Payment holds or escrow delays until ownership is proven.

Reputational Harm: Public scrutiny or loss of business trust.

Criminal Liability: Willful concealment risks misdemeanor or felony exposure in severe cases.

Audit Findings: Negative audit reports and remediation costs.

Timelines and Typical Processing Expectations

Processing time varies by recipient and verification depth; plan for internal review and possible third-party identity checks.

Initial Preparation:

1–3 business days to compile basic extract and copies

Identity Verification:

1–5 business days for document checks or IDAM providers

Bank Onboarding:

3–10 business days depending on bank risk tier

Regulator Review:

Varies widely; audits may request historic extracts and can take weeks

Retention Setup:

Immediate; configure retention policies upon finalizing the extract

Real-World Examples of UBO Extract Use

Practical examples show how extracts reduce friction in onboarding, closings, and audits.

Optica Ventures

Company onboarding required a consolidated ownership table and IDs

Bank accepted certified extract
Result: three-day account opening instead of two weeks after document consolidation and attestation by the CEO.

Martin Properties

Real estate closing needed clear beneficial owner disclosure

Extract included notarized shareholder register
Result: Title insurer accepted the package and avoided an extended underwriting hold.

Comparing eSignature Options for UBO Extract Attestations

Choose a provider that supports secure signatures, audit trails, and appropriate compliance controls; pricing and caps vary by vendor and plan.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies by vendor	Varies by vendor	Varies by vendor	Varies by vendor
Bulk Send	Yes	Yes	Yes	Yes	Varies
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

FAQs and Troubleshooting for UBO Extract Documents

Answers to common questions about preparation, eSigning, verification, and retention to avoid delays and ensure compliance.

Need help? Contact support

What qualifies as a UBO?
A UBO is a natural person who owns or controls the entity through direct or indirect ownership (commonly thresholded at 25%) or who exercises significant control. Provide identity verification and explain indirect ownership chains.
Can the extract be e-signed?
Yes, if the electronic signature meets ESIGN (15 U.S.C. ch. 96) and UETA standards for intent, consent, attribution, and retention. For high-risk cases use stronger authentication.
When is notarization required?
Notarization depends on the extract's intended use and state rules. If the recipient expressly requires a notarized attestation, follow the state's remote or in-person notarization requirements.
What supporting documents are essential?
Attach government ID copies, certified shareholder registers, trust deeds, and any corporate resolutions that demonstrate authority. Poor evidence leads to rework and delays.
How long must I keep extracts?
Retain while the relationship is active and generally for at least three years after termination; longer retention applies for tax or healthcare records per IRS and HIPAA rules.
Who verifies indirect ownership?
Compliance teams conduct chain-of-ownership analysis, sometimes supported by registry searches or third-party corporate searches; document the method and sources used.

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