A universal definition of the term ultimate beneficial owner is the natural person or persons who directly or indirectly own or control an asset such as a corporate entity or property. Regulation focuses on those shareholders whose control is significant and who ultimately can influence and benefit from the activities of the enterprise. Control of a business however is often not held by the legal owner but by a ‘Person of Significant Control (PSC)’. Regulations recognise the difference between ownership and control and from a compliance perspective, there is a need to identify both for checks.
US, EU and UK regulators agree that a beneficial owner is someone who owns 25% or more of the share capital and/or voting rights, although in some higher risk cases financial institutions such as banks may set an even lower threshold such as 10%.
Identifying and verifying beneficial owners or persons of significant control remains a significant challenge for compliance teams. This guide is designed to give practitioners some practical pointers and advice to help them navigate the process.
In it, you will learn:
Download your copy of the guide using the adjacent form.
