Understanding UBO Requirements Across North America

Understanding UBO Requirements Across USA, Canada and Mexico

Across North America, beneficial ownership (BO) transparency isn’t optional anymore, it’s the law. Governments are tightening the rules, and businesses are expected to keep clear, accurate records of who really owns and controls their entities.

Since 2020, BO disclosure initiatives have doubled, and the pace isn’t slowing down. Teams can stay ahead by understanding what’s changing and keeping a checklist to spot gaps before they become issues.

Regional Overview: Where North America Stands

From legal uncertainty in the US to Canada’s push for a public registry and Mexico’s ongoing reforms, what you’re required to report and how varies depending on where you operate.

For multinational companies, it often starts with one key question: who ultimately controls the full structure? That’s where identifying the global ultimate parent firm becomes essential (see definition below).

The table below helps teams spot risk and stay aligned with global standards like FATF 24 and 25, which call for ownership data that’s timely, accurate and easy to verify. FATF 24 focuses on who owns companies, while FATF 25 covers trusts. Both aim to clarify who’s really in control.

What is a Global Ultimate Parent Firm?

It’s the highest legal entity in a corporate structure—the one that no other company owns or controls. Identifying it helps you see the full picture of who actually holds control, especially when navigating UBO rules across different countries. Knowing the global ultimate parent firm is a critical step for accurate reporting and staying aligned with global standards like FATF 24 and 25.

Compliance Check-In: Are You Covered?

UBO rules are evolving fast, and even well-run teams can miss something. Before you assume you’re covered, take a minute to audit your processes. This quick list will help you find any blind spots:

Are we tracking beneficial owners at the 25% threshold or lower, if required?

Do we update BO info regularly, not just at filing time?

Is our PSC info registered in places like BC and Ontario?

Have we recently reviewed our BO data for accuracy?

Are trusts included in our reporting under US FinCEN rules?

Could we produce documentation or an audit trail if Mexico’s SAT asked tomorrow?

Are we keeping tabs on rule changes in other jurisdictions we operate in or plan to?

Have we identified our global ultimate parent firm across all entities?

Is all our BO data managed in one centralized system or dashboard?

Do we have a clear process for how we identify and verify beneficial owners?

Have we trained internal teams on what to watch for as rules evolve?

Staying Ahead of UBO Compliance

As UBO rules shift across North America, staying informed isn’t optional—it’s essential. Whether you're managing one entity or dozens across borders, understanding the requirements and spotting gaps early is the best way to stay transparent and avoid penalties.

The landscape is complex, but with proactive management and the right tools in place, you can ensure your company remains compliant and audit-ready. 

Download our complete UBO Guide to dive deeper into the nuances of these evolving regulations and discover best practices for staying ahead.