UBO Transparency in South America: What Compliance Teams Must Know

South American countries are stepping up efforts around beneficial ownership (BO) transparency, but the rules still vary widely from one jurisdiction to the next and so does enforcement.

Some governments have introduced registries and AML-aligned disclosure rules. Others are still behind on public access, oversight of foreign ownership and consistent reporting standards. If you’re in a sector like finance, real estate or asset management where ownership structures are often layered or held through trusts, those gaps can turn into real compliance risks.

For legal and compliance teams managing entities across key South American economies, understanding how each country handles BO disclosure is critical. Here’s how the region stacks up:

Each country is moving at its own pace, but pressure is building to align with FATF 24 and 25, global recommendations from the Financial Action Task Force focused on increasing transparency around company ownership (FATF 24) and trust structures (FATF 25). Areas like PSC tracking and foreign ownership are likely to see more scrutiny next.

For cross-border entities, even small inconsistencies like leaving out trust beneficiaries or missing foreign shareholders can lead to delays, penalties or reputational risk. And as regulators across the region raise the bar on compliance, a reactive approach won’t be enough.