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.

Compliance Check: Are You Covered in South America?

Even if you’ve covered the basics, it’s worth checking for gaps that could cause delays, penalties or failed filings. Use this quick list to audit your compliance across South America::

🗸 Are we identifying beneficial owners at or below the 25% threshold?

🗸 Do we include trust beneficiaries or other indirect ownership in our reports?

🗸 Are we tracking PSC requirements in Chile and watching for developments in Brazil?

🗸 Do we have a process to monitor and update BO data, not just file it once?

🗸 Are we tracking foreign ownership, even if a register isn’t in place yet?

🗸 Is our BO data consistent across jurisdictions and up to date?

🗸 Can we produce documentation or an audit trail if a regulator asks?

🗸 Have we trained internal teams on what’s required in each country?

🗸 Do we have a centralized way to manage and access UBO information across our South American entities?

Get the Full Picture

BO rules in South America are evolving fast but navigating the details isn’t easy. The laws differ by country, the obligations aren’t always obvious and the information can be scattered. 

Download the full 2025 UBO Guide for a practical breakdown of what’s in place, what’s changing and how to stay ahead.