The person, or entity, that ultimately owns or controls a U.S. affiliate of a foreign company and that derives the benefits associated with ownership or control. The UBO of a U.S. affiliate is that person, or entity, proceeding up a chain of majority-ownership (where the entity above owns more than 50 percent of the entity below), beginning with and including the foreign parent, that is not owned more than 50 percent by another person, or entity. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.